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Reeves promised oil industry ‘quid pro quo’ over windfall tax in private meeting

The Guardian - Energy · Sam Bright · last updated

Government accused of making ‘secret exchange deal’ with fossil fuel companies to compensate for tax hike

The chancellor, Rachel Reeves, told a fossil fuel company the industry would receive a “quid pro quo” in return for higher taxes on its windfall profits, it can be revealed.

In a meeting with the Norwegian state energy company Equinor on 27 August, Reeves suggested that the government’s carbon capture, usage and storage (CCUS) subsidies were a payoff for oil firms being hit with a higher tax rate.

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