- Andy Burnham and Keir Starmer debated the state of public finances and national debt.
- Andy Burnham seeks to replace Keir Starmer as PM while the Office for Budget Responsibility warns of explosive national debt rise.
- Andy Burnham succeeds Keir Starmer as Prime Minister and appoints John Healey as Chancellor, leading to policy discussions on fiscal sustainability.
- Findings suggest policy targets for the new Prime Minister and fears of tax raids against the Chancellor.
Global Witness Urges Chancellor to Resist Tax Breaks for Oil Giants
What happened
Global Witness urged Chancellor John Healey to resist calls for tax breaks for wealthy oil and gas giants. The organization warned that axing the windfall tax on North Sea profiteers could create an £8.6 billion deficit in government finances.
Why it matters
A plan is in place to replace the current tax with a new oil and gas revenue levy (OGRL) by 2030. Research suggests that if oil prices remain at $100 a barrel, the OGRL would raise £8.6 billion less than the current windfall tax by 2030.
Andy Burnham succeeded Keir Starmer as Prime Minister and appointed John Healey as Chancellor, leading to policy discussions on fiscal sustainability.
Who's involved
- Global WitnessUrged the Chancellor to oppose tax breaks for wealthy oil and gas giants.
- John HealeyIs the Chancellor facing pressure regarding tax breaks for oil giants.
- Andy BurnhamIs the Prime Minister who appointed John Healey to the Chancellor role.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- HM TreasurySpeculative
HM Treasury might face pressure on revenue projections due to the debate over tax breaks.
Keep exploring
The entities involved
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John Healey
British politician (born 1960)
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Global Witness
British NGO
Related events
- Chancellor's speech aimed to soothe financial markets.
- On September 7, 2026, the ongoing Iran war is cited as a factor contributing to the rise in global oil prices.
- Tax hikes affect tens of thousands of London homes as the war in Iran increases government borrowing costs.
- The Bank of England and John Healey are dealing with financial pressures stemming from the Iran conflict and rising energy costs.
- Amid the ongoing Middle East conflict driving oil price volatility, John Healey succeeded Rachel Reeves as the UK Treasury Chancellor.