Reeves’s ‘reckless’ failure to axe windfall tax will energise Tory and SNP Holyrood election campaigns Daily Telegraph 26/11/25 link A furious, but inevitable, row has erupted over the future of Scotland’s North Sea oil and gas industry after the so-called windfall tax on its profits was not abolished in the Budget, as had been demanded by both the Scottish Tories and SNP. The fact that the energy profits levy (EPL) has not been axed is set to play a major role in the campaign, which has already started, for the Scottish Parliament elections due next May. Thanks to what many will claim is an unholy alliance between the Tories and the SNP on this issue, only Labour now supports the continuation of the levy. That the tax would be ended in the Budget had been widely expected by political observers as North Sea oil profits have slumped alarmingly. Opponents of the levy have consistently claimed that it scares off oil companies from investing in the North Sea or in developing exis...