logo
Trump slams at North Sea taxes

Trump slams at North Sea taxes

Daily Mail​29-07-2025
Donald Trump launched a blistering attack on the high taxes imposed on North Sea firms on the final day of his visit to Scotland. The US President tore into the Labour Government's windfall tax on oil and gas firms and its block on new licenses just a day after he held talks with the Prime Minister Sir Keir Starmer. He also said that the UK could make a 'fortune' if it incentivized drilling.
Mr Trump concluded his visit to Scotland by opening a new golf course in Aberdeenshire, where he also held talks with the First Minister John Swinney, before playing a round of golf and then flying back to the US on Air Force One. Writing on his Truth Social social media site, he said: 'North Sea Oil is a TREASURE CHEST for the United Kingdom. 'The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, 'we don't want you.'
'Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!' The latest attack comes after Mr Trump said he wants Scotland to 'thrive' when pressed on his punishing tariffs on Scotch whisky exports to the US. During his visit, he repeatedly referred to Aberdeen as the 'oil capital of Europe' and also made the case for more drilling.
Sir Keir's Labour government has imposed a ban on new oil and gas licences as well as increasing the windfall tax on North Sea profits to 38 percent, and extended it to 2030. The approach since Labour came to power has sparked fears about the threat to tens of thousands of North Sea jobs. The President raised his view that there should be more oil and gas activity and also condemned the expansion of wind farms during his private talks with the First Minister John Swinney yesterday.
Following the talks, Mr Swinney said: 'He obviously expressed his view that there should be more oil and gas activity undertaken. 'I've seen material from the President this morning which raises issues about taxation, which of course are not under my control, I don't have any influence over North Sea oil and gas taxation, and obviously the President made clear his view that he's not a supporter of wind turbines, and I expressed the view that we have about our energy priorities and renewable energy.' Mr Swinney was in the audience as Mr Trump formally opened the second course at the Trump International Golf Links on the Menie estate in Aberdeenshire yesterday, as well as Scottish Labour leader Anas Sarwar, and Tory Shadow Scottish Secretary Andrew Bowie.
The event was also attended by a string of sporting celebrities including the former Ryder Cup captain Paul McGinley and former footballers Robbie Fowler, Andriy Shevchenko, Jim Leighton and Gianfranco Zola. The President also presented a framed photo collage to a tearful Sarah Malone, Executive Vice President and general manager of Trump international Golf Links In his speech at the ribbon-cutting ceremony, Mr Trump said he has 'put out fires all over the world' and claimed he had 'stopped about five wars' during his visit on Monday.
On the US trade deal with the UK, he said: 'It's a very big deal and a great deal for the country and a great deal for everybody, so I just want to thank him (Sir Keir) and everybody that worked so hard on it. They've been trying to get it done for 12 years, we got it done so somebody did a good job.' Scottish Conservative net zero and energy spokesman Douglas Lumsden said: 'The SNP and Labour governments' hostility to North Sea oil and gas is economic and environmental madness, which other countries can't fathom. 'They can see it is making the country poorer, endangering our energy security and destroying livelihoods.
'The policies of these two Left-wing governments are costing an estimated 400 jobs a fortnight – all while making us more reliant on imported energy from overseas. 'Labour and the SNP should abandon their dogmatic opposition to new fields, and heed Kemi Badenoch's call to ditch the energy price levy, rather than throwing Scotland's world-leading energy sector under the bus.' Responding to Mr Trump's comments on oil and gas, Anas Sarwar said: 'We have a different view on renewables, we agree that oil and gas has got a significant role to play in our energy mix for decades to come.
'That is significant for us here in Scotland but also for the broader UK and what we have to do is get the balance right between imposing a windfall tax, which I wholeheartedly support, that recognizes that we have got to recognize that there are sky-high energy bills but also sky-high profits for many energy companies and people want to see that imbalance addressed.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Minister denies migrant returns deal leaves open human rights loophole
Minister denies migrant returns deal leaves open human rights loophole

South Wales Guardian

time20 minutes ago

  • South Wales Guardian

Minister denies migrant returns deal leaves open human rights loophole

Dame Angela Eagle denied the agreement with France would allow for spurious claims to be used to avoid deportation after shadow home secretary Chris Philp questioned the wording of the document. The 'one-in, one out' deal coming into effect on Wednesday will see migrants ineligible to stay in the UK sent back across the Channel, in exchange for taking those who have links to Britain. The agreement contains a clause that says in order for people to be returned to France, the UK must confirm they do not have an 'outstanding human rights claim'. Critics have argued this could risk bogus applications being made to frustrate the deportation process and cause delays. Mr Philp said on Tuesday this section offered 'an easy loophole for lawyers', adding that 'France will not give us any data on the people they are sending our way… so we have no idea who they really are'. Borders minister Dame Angela said he was wrong, and that the clause was included 'precisely to ensure no-one can use 'clearly unfounded' human rights claims to avoid being returned'. She added: 'And we will do full security checks on any applicants, and reject anyone who poses a risk.' Home Secretary Yvette Cooper conceded earlier that the accord is not a 'silver bullet' to stop small boat crossings, but marked a step change as migrants will be sent back across the Channel for the first time. Speaking to the BBC, she declined to put a number on how many people would be returned under the agreement ahead of time, saying that she believed it could aid criminal gangs. She added: 'We will provide regular updates, people will be able to see how many people are being detained, how many people are being returned, and it is right that we should be transparent around that.' Speaking to reporters earlier, Tory leader Kemi Badenoch said the deal would likely result in only small numbers of migrants being swapped with France and is 'not going to make any difference whatsoever'. Asked whether the Conservatives were partly to blame for the immigration and asylum situation, she told reporters: 'No I don't accept that at all, because what Labour are doing is just rubber-stamping all of the applications and saying they're processing.' It has been reported that about 50 a week could be sent to France. This would be a stark contrast to the more than 800 people every week who on average have arrived in the UK via small boats this year. Bruno Retailleau, France's interior minister, said the agreement 'establishes an experimental mechanism whose goal is clear: to smash the gangs'. The initial agreement will be in place until June 2026.

Rachel Reeves ‘must find £50bn' in tax rises or spending cuts in budget
Rachel Reeves ‘must find £50bn' in tax rises or spending cuts in budget

Times

timean hour ago

  • Times

Rachel Reeves ‘must find £50bn' in tax rises or spending cuts in budget

Rachel Reeves is facing a £50 billion black hole in the government finances and economists are warning that she will be forced to break Labour's manifesto pledge on tax in the autumn budget. The National Institute of Economic and Social Research (NIESR) said higher-than-expected public sector borrowing and weaker economic growth had left the chancellor with an 'impossible' choice between cutting spending or raising taxes to balance the books. Under present estimates, it said, Reeves would need to find £41.2 billion to cover the costs of weaker economic forecasts and tax reversals, plus a further £9.9 billion, if she was to have the same headroom as she had at the time of her last financial statement in March. Other economists said their projections also suggested that Reeves would have no choice but to 'pull the lever' of increasing income tax, VAT or employee national insurance to cover the shortfall. This would breach Labour's manifesto commitment to not raise taxes on working people. NIESR's latest economic outlook also found that the government's fiscal situation had sharply deteriorated since Reeves' statement in March. It found that total government expenditure was £14.3 billion higher than in the spring. The government's failure to pass its welfare reforms and its U-turn over winter fuel payments further increased spending by £15.2 billion. It also said that weaker output and employment growth compared with the Office for Budget Responsibility's (OBR) forecast in March implied lower tax revenue and higher welfare payments by 2028-29. NIESR's estimate for the fiscal shortfall is higher than estimates from City analysts who expect Reeves to face a shortfall of between £20 billion and £25 billion. However, even at this level the chancellor is likely to be forced to raise one of the main tax rates to make up the shortfall. This is likely to include freezing income rate thresholds for another year, pulling more people into the higher 40 per cent rate of tax. Stephen Millard, of NIESR, said that Reeves faced an 'impossible trilemma' between breaking her fiscal rules, breaching an electoral promise not to raise taxes on working people or hitting the government's spending targets. 'Can she fill that gap without breaking the manifesto commitment to raising taxes on working people? I think the quick answer to that is no,' he said. 'Fiddling at the edges won't do the job.' • Should Rachel Reeves raise income tax? Economists at Deutsche Bank think Reeves faces a narrower £20 billion gap that could be filled by extending the freeze on income tax thresholds beyond 2028 — raising about £7-£10 billion. The government could also announce no real-term spending growth at the end of the decade, raising an additional £5 billion, Sanjay Raja, UK economist at Deutsche Bank, said. He said: 'With growth at only 1.3 per cent and inflation above target, things are not looking good for the chancellor, who will need to either raise taxes or reduce spending or both in the October budget if she is to meet her fiscal rules.' Ruth Gregory, chief economist at Capital Economics, said they expected Reeves would miss her targets by up to £25 billion, but the figure could be larger if the OBR downgraded its growth forecasts for the UK economy. 'If the budget deficit is larger than £20 billion, Reeves will have to pull one of the big tax levers like VAT, income tax or employee national insurance to make up the difference,' she said. 'Given that the chancellor decided to increase the tax burden on businesses in the last budget by raising employer national insurance contributions, we would expect that this time the burden will fall on households.'

Minister denies migrant returns deal leaves open human rights loophole
Minister denies migrant returns deal leaves open human rights loophole

ITV News

timean hour ago

  • ITV News

Minister denies migrant returns deal leaves open human rights loophole

A minister has rejected opposition suggestions that the Government's migrant returns deal leaves open a loophole for human rights laws to be exploited. Dame Angela Eagle denied the agreement with France would allow for spurious claims to be used to avoid deportation after shadow home secretary Chris Philp questioned the wording of the document. The 'one-in, one out' deal coming into effect on Wednesday will see migrants ineligible to stay in the UK sent back across the Channel, in exchange for taking those who have links to Britain. The agreement contains a clause that says in order for people to be returned to France, the UK must confirm they do not have an 'outstanding human rights claim'. Critics have argued this could risk bogus applications being made to frustrate the deportation process and cause delays. Mr Philp said on Tuesday this section offered 'an easy loophole for lawyers', adding that 'France will not give us any data on the people they are sending our way… so we have no idea who they really are'. Borders minister Dame Angela said he was wrong, and that the clause was included 'precisely to ensure no-one can use 'clearly unfounded' human rights claims to avoid being returned'. She added: 'And we will do full security checks on any applicants, and reject anyone who poses a risk.' Home Secretary Yvette Cooper conceded earlier that the accord is not a 'silver bullet' to stop small boat crossings, but marked a step change as migrants will be sent back across the Channel for the first time. Speaking to the BBC, she declined to put a number on how many people would be returned under the agreement ahead of time, saying that she believed it could aid criminal gangs. She added: 'We will provide regular updates, people will be able to see how many people are being detained, how many people are being returned, and it is right that we should be transparent around that.' Speaking to reporters earlier, Tory leader Kemi Badenoch said the deal would likely result in only small numbers of migrants being swapped with France and is 'not going to make any difference whatsoever'. Asked whether the Conservatives were partly to blame for the immigration and asylum situation, she told reporters: 'No I don't accept that at all, because what Labour are doing is just rubber-stamping all of the applications and saying they're processing.' It has been reported that about 50 a week could be sent to France. This would be a stark contrast to the more than 800 people every week who on average have arrived in the UK via small boats this year. Bruno Retailleau, France's interior minister, said the agreement 'establishes an experimental mechanism whose goal is clear: to smash the gangs'.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store