One of the least viewed types of stock market announcements is the “payments to governments” report.
Not surprisingly, they often contain juicy figures and, for energy companies, it can be a good way to put their contributions to the treasury in perspective.
Here comes Harbor Energy: the largest producer in the North Sea.
Payments: Harbor Energy paid £335 million to UK coffers in calendar year 2023
According to its report, published last week, it paid £335 million into the UK coffers in calendar year 2023.
The company’s contribution of £2.5bn was only slightly less than that of Shell, which is worth £180bn.
Harbor was already looking across the North Sea before the election was called, after the Conservatives introduced the windfall tax.
Labour’s plan to increase it has further driven businesses and investment away from the region.
Still, windfall taxes or not, North Sea profits are not negligible, as Harbor’s report shows.
You will, right?
Plans for the Chancellor’s annual speech at Mansion House were left in doubt after the general election was called.
If, as expected, Rachel Reeves comes in at No. 11 after the July 4 poll, she will have just a few days left to prepare.
But it could also be an early opportunity for the first chancellor of the exchequer to gain control of the city.
Labor is silent on whether the speech will go ahead if the party wins. A spokesman said he would not pre-empt the outcome.
If the party avoids a full-fledged summer budget, perhaps it would be a good forum to discard a couple of new policies?
Taxpayer: John Paul Ford Rojas