UK Chancellor Rachel Reeves Introduces New Tax Measures Targeting Oil and Gas Firms
UK Chancellor Rachel Reeves has introduced new tax measures targeting oil and gas companies like BP (BP) and Shell (SHEL), aiming to raise £1.8bn for cost of living support by scrapping the Foreign Branch Exemption rule. The move is expected to generate hundreds of millions annually, with funds allocated toward energy bill relief and sector-specific grants.
Tickers: $SHEL
Topics: cost of living support fiscal measures government policy oil and gas