Britain brings in price floor to North Sea windfall tax

Britain said on Friday a windfall tax on oil and gas companies would stay in place until 2028 but the 75% level would reduce to 40% if prices consistently return to normal levels for a sustained period.

The government said the changes were being made in response to industry warnings that firms were cutting back on investment in light of the original windfall tax. "This puts the long-term future of the UK's domestic supply at risk, meaning we would be forced to import more from abroad at a time when reliable and affordable energy is a focus for families and businesses," the government said in a statement.