The Telegraph
Shell reconsiders £25bn investment in UK energy over windfall tax raid
Levies will force oil giant to ‘rerun the economics’ on future projects, says UK chairman
By Matt Oliver and Szu Ping Chan: 21 November 2022 • 7:03pm
Shell is reviewing plans to invest £25bn in Britain’s energy system after Jeremy Hunt raided the industry for £55bn in windfall taxes.
David Bunch, Shell’s UK chairman, said the expanded levy announced in the Chancellor’s Autumn Statement is forcing the company to re-examine a slew of projects in the pipeline, from North Sea investments to renewable energy schemes.
Mr Bunch told The Telegraph this meant Shell “cannot take it for granted” that the full investment plan will still go ahead.
His comments are a blow to Mr Hunt and Rishi Sunak, the Prime Minister, as they face criticism that last week’s Autumn Statement did not include enough measures to spur economic growth.
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