UK govt oil revenues fall 70% as price crash and decommissioning take effect
UK govt oil revenues fall 70% as price crash and decommissioning take effect
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Total government revenues from production were £248million in the 2020 financial year, down from £900m in the previous period, according to HMRC.
2020 was the worst year since 2016 for government revenues, which saw losses of £400million as knock-on effect of the 2014 downturn.
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