UK must end obscene tax breaks to fossil fuel giants

Investment must shift from fossil fuels to renewables.

The Scottish Greens are calling for the next UK Government to stop handouts planned over the next two years for oil and gas giants operating in the North Sea and reinvest them in green industries and jobs.

Analysis from the New Economics Foundation shows that ending tax reliefs and loopholes for the fossil fuel industry would free up almost £13bn of tax revenue between 2024 and 2026.

The party's Co-leader, Patrick Harvie, who is visiting Aberdeen to join Scottish Green candidates and campaigners, said: “Our climate is in crisis. Ending these perverse tax breaks for fossil fuel corporations would free up billions of pounds that should instead be invested in the transition to clean, green energy and supporting green job creation in the North East.

“As it stands, the oil and gas giants are extracting huge amounts of wealth from the North Sea and pocketing the proceeds of Tory tax cuts while local households are left in fuel poverty. The Greens would close the loopholes and ensure the industry pays fair taxes so it can be invested in public services and local communities across Scotland.

“One in five children in Aberdeen live in fuel poverty. It’s appalling that instead of helping these families and making energy cheaper and greener, the Tories are squandering public money on tax breaks for enormous corporations that are driving the climate crisis. The next UK Government must end these obscene giveaways from day one.”

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