Scrapping Windfall Tax Could Cost UK £8.6bn by 2030, Warns Campaigners

Campaigners warn scrapping UK's windfall tax could cost £8.6bn by 2030, as new levy faces scrutiny.

September 25, 2026 One Min Read

POLICY WIRE — London, United Kingdom — A major financial risk is looming for the UK if the government moves to eliminate its windfall tax on oil and gas companies ahead of schedule, according to recent warnings from advocacy groups.

Global Witness, a leading environmental campaign organization, has raised concerns that replacing the current energy profits levy with a new scheme could lead to a loss of up to £8.6 billion by 2030. The group has written directly to Chancellor John Healey to highlight the potential economic consequences of such a move.

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The proposed Oil and Gas Revenue Levy (OGRL) is expected to generate significantly less revenue compared to the existing windfall tax. According to a new investigation by Global Witness, if oil prices remain at around $100 per barrel, the new system would result in £8.6 billion less in income over the same time period. This shift has sparked debate among industry leaders and climate advocates alike.

Reporting by Policy-Wire (PW)

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