Economic Report 2023 - Offshore Energies UK (OEUK)

and target a reduction in inflation, while delivering long-term economic growth. While the principle of a windfall tax in extraordinary circumstances is acknowledged, it is critical that when the windfall goes, so does the tax, if the UK is to deliver energy security, the energy transition and economic growth.

Fiscal stability and competitiveness A competitive and predictable fiscal regime is fundamental for investors, with the changes since May 2022 significantly damaging their confidence in the UK and their ability to access finance. OEUK recognises the drive from Treasury (HMT) to support consumers

Figure 14a & 14b Oil and gas prices

600

NBP day-ahead price

500

NBP futures price

400

300

NBP gas prices (p/therm)

200

100

0

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source: ICIS, OEUK

ECONOMI C REPORT 2023

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