Think tank calls for oil windfall tax

A windfall tax is needed on oil companies’ profits, think tank the New
Economics Foundation has suggested.

NEF warned that Britain had squandered billions of pounds of North Sea
revenues, and should follow Norway’s example of introducing a fund-based on oil
company revenues.

Andrew Simms, NEF policy director, told the Daily Telegraph that oil
companies had wasted its revenues instead of investing them in cleaner and more
green energy supplies.

Its report found that £1 in every £12 of government income comes from the oil
and gas sector, suggesting it made it difficult for the government to encourage
a move away from fossil fuel use.

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