Labour told to protect UK refineries in upcoming Budget as industry faces £200m carbon tax
Dale Vince explains U-turn on North Sea oil and sea extraction
TL;DR
- The fuel industry urges the government to protect UK refineries in the upcoming Budget.
- Inaction risks undermining domestic refining capacity and energy security.
- Refineries are critical for growth and reindustrialisation promises.
- UK refineries face £200 million a year in carbon tax charges, unlike global competitors.
- This disparity leads to 'carbon leakage' and has caused five UK refinery closures since 2005.
- Two more refineries are scheduled to close in 2025.
- Fuels Industry UK calls for refineries to be included in the Carbon Border Adjustment Mechanism (CBAM).
- Ministers have previously pledged commitment to the sector's long-term future and competitiveness.
- Elizabeth de Jong of Fuels Industry UK stresses the need for delivery on these commitments in the Autumn Budget.