While suddenly actively encouraging oil and gas development,the U.K.has also proposed a windfall-profit tax on energy companies.According to Reuters,the 25% tax plan is expected to come with a nearly 100% tax break for capital spent on new oil and gas projects.Reuters quoted Rishi Sunak,the British chancellor,"The more a company invests,the less tax they will pay."Also this spring,the U.K.approved a Shell Oil Co.gas development,Jackdaw,after having rejected it in October.Jackdaw had been licensed since 1970.
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