OEUK Says Budget 'Missed Bigger Opportunities'
Rigzone · Andreas Exarheas ·
The 2026 UK Budget delivered by UK Chancellor of the Exchequer John Healey on Wednesday 'missed bigger opportunities', industry body Offshore Energies UK said.
The 2026 UK Budget delivered by UK Chancellor of the Exchequer John Healey on Wednesday “missed bigger opportunities”, industry body Offshore Energies UK (OEUK) said in a statement sent to Rigzone late yesterday.
OEUK noted in its statement that the Budget “took a step forward with a replacement for the damaging Energy Profits Levy but missed the bigger opportunity to address major issues facing domestic energy production, the UK’s net zero ambitions, and the Prime Minister’s ambitions to revitalize British manufacturing industries”.
“Legislating for the Oil and Gas Revenue Levy, the successor to the Energy Profits Levy, is a welcome step forward, but delaying its implementation until potentially as late as April 2030 will hold back investment at precisely the time the UK needs it,” OEUK added.