It's important to note that between 90-95 of the reported profits are not earned within the UKCS and therefore will not be subject to any windfall tax. Furthermore, these companies are currently subject to profits being taxed at 75p in the pound which is by far the highest rate of tax of any industry in the UK at any point in time in history. This has already led to a slowdown of investments in the region, as well as job cuts, and ultimately down the line it will mean increased imports from other countries where these majors will still not be subject to our tax levels. The only reason they should remain active in the UK is if they invest heavily in green energy production and distribution. For example, they should be putting BP-Pulse and Shell-Recharge charging stations in all their current service stations. Oil Gas are bad for the planet, and our existence on it; it is time to remove our dependency on them.
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