Scotland’s oil price boom to earn £21 billion for UK Treasury in one year


I’m grateful to the ever modest AR for alerting me to this.

From House of Commons Research Briefing Taxation of North Sea oil and gas on 29 November 2022:

In its commentary on the Statement, the Resolution Foundation noted that a 75% headline rate on North Sea oil and gas profits “is close to double the pre-crisis rate and in line with that in Norway (78 per cent).” They went on to note that anticipated receipts by 2023/24 were now expected “to reach an all-time high in cash terms (£20.7 billion, of which £10.8 billion would be due to the Energy Profits Levy) and the highest as a share of GDP since the mid-1980’s North Sea boom.”

7 thoughts on “Scotland’s oil price boom to earn £21 billion for UK Treasury in one year

    1. Ah, but ….. if it looks as if Scotland will become an independent country, the media will be reporting this as a ‘loss of revenue’ …. which, of course, it will be for the UK Treasury and for the value of the pound sterling.

      Liked by 1 person

  1. The great English government rip off, thieving Scotland’s vast resources for a very long time, while importing drugs into Scotland and distributing it into the ‘schemes’ etc to ensure people wouldn’t notice their country is being robbed blind, nor be empowered to do anything about it.
    Any figures they put out about Scotland’s oil revenues that the English government takes as gratis, will be fake, it’ll be much higher than they admit.


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