Office for Budget Responsibility Forecasts

Harriet Cross Excerpts

Monday 1st December 2025 Commons Chamber

[Harriet Cross (Gordon and Buchan) (Con)]

The forecasts are meant to help the Government to decide what to do, but there was nothing in this forecast of oil and gas revenues, which explains why the energy profits levy was kept. We have seen a £6.2 billion downgrade in the expected revenue from oil and gas to the end of the Budget period—a 40% decrease in just a year from what it was bringing in—while production is down 55% and 33% for gas and oil over the period. None of that is to do with the size of the basin; it is all to do with the fiscal and regulatory regime that this Government are imposing on the North sea. It was announced today that 100 jobs are going at Harbour Energy, and there will be more to come. Every job loss from now on is on this Government, because they know exactly what the oil and gas sector has been saying to them—it has been saying exactly the same to me, too, but I have chosen to listen. Why have the Government decided on the back of the OBR forecast to keep the EPL, when they know the impact it is having on jobs, investment and production and the future of the North sea?

[James Murray]

I can reassure the hon. Lady that since we won the election I have spent many hours with the oil and gas industry in Aberdeen. It is exactly why we confirmed in the Budget last week that we will end the energy profits levy in 2030, or sooner if a price floor is triggered.