Reeves Blocks £17.5B Oil & Gas Investments

0:00On April 8th, Rachel Rees is catching heat for blocking 17.5 billion pounds in North Sea oil and gas investments by putting the brakes on plans to end the energy profits leavey early. That windfall tax set to run until 2030 was on track for an early scrap until the Iran conflict shook things up. Energy prices spiked from the Middle East tensions, forcing the chancellor to hit pause on switching to a new oil and gas price mechanism sooner. Several firms had lined up projects that could pump out over a billion barrels equivalent by decades end, but only if taxes eased up. Industry players are fuming, calling the delay economic illiteracy and saying high taxes at 78% make the UK uninvestable right now. They're pushing hard against Rees and energy secretary Ed Miliband amid the crisis. Miliband's net zero push banned new coastal drilling, but labor MPs and unions are now urging more flexibility with reserves running low. Government sources counter that firms will still profit big from higher prices, while public

1:04finances strain, promising long-term stability through. 2030 or sooner, if prices stay elevated, all while boosting clean energy jobs.