💰 Just two days before the local elections, BP posted bumper profits of £4bn for the first three months of this year. Big Oil seemingly printing money as Brits struggle looks will not help Rishi Sunak's woes, writes paulwaugh
One reason why Sunak may not be getting more credit from the public for his own windfall tax is that he was initially very reluctant to impose any such tax at all. Chancellor, Jeremy Hunt, has increased the scope and the scale of the levy, but it’s still not a match for Norway’s 78 per cent rate.
In our current political debates, it’s all too often forgotten that Margaret Thatcher’s 1980s “boomtime” – ideologically and financially – was only ever made possible by the proceeds of the North Sea. Oil and gas revenues effectively paid for the soaring unemployment benefits bill of the decade, as well as its tax cuts and credit boom.
Yet the black gold that flowed into the Treasury’s coffers was used for current spending, rather than invested for the future. Michael Heseltine argued for the UK to follow Norway in creating a sovereign wealth fund , but Mrs T wasn’t interested.
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