Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential economic impact of the Energy Profits Levy on the North East of Scotland.

The Office for Budget Responsibility’s (OBR) most recent forecast of tax revenues from the oil and gas sector was published at Spring Budget 2024 in the Economic and Fiscal Outlook (EFO) March 2024. It can be found at: https://obr.uk/docs/dlm_uploads/E03057758_OBR_EFO-March-2024_Web-AccessibleFinal.pdf

Forecasts for investment in the sector are published alongside the EFO. All OBR oil and gas forecasts will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf (UKCS) and do not provide a breakdown by region.