Then Chancellor Rishi Sunak said the money raised would support households facing rising energy bills.
Initially set at 25% and due to expire in 2025, the Conservatives later raised it to 35% and said it would last until March 2029.
In the recent Budget, Labour raised the levy to 38% – meaning the total tax rate on the companies is now 78% – and extended it by a further year.
An Apache spokesperson said: “The onerous financial impact of the EPL, combined with the substantial investment that will be necessary to comply with regulatory requirements, makes production of hydrocarbons beyond 2029 uneconomic.
“Looking forward, our focus will be on maintaining asset safety and integrity as we prepare for the responsible decommissioning of our assets.”
Lloyds Banking Group is planning to hire hundreds of engineers in India as the company plans to shift its employment opportunit
£1.6m Music Export Growth Scheme to support 58 independent UK artists to tour the world Funding will boost UK’s creative industries – a key growth se
A BELOVED restaurant chain has announced it will close eight venues across the UK, scrapping 158 jobs in the process.Owners are pointing the finger at Labour's
The latest figures published by the US Bureau of Labor Statistics today (7 March) came in below market expectations, with economists polled by