OIL AND GAS OPERATORS HIT BACK AT WINDFALL TAX

North sea oil and gas operators have warned that the £5 billion windfall tax on the sector would drive away investors and cut production (Financial Times). The tax was announced yesterday to help pay for a £15 billion package to support UK households with the rise in domestic fuel bills.

Meanwhile, the Institute of Fiscal Studies has said that the government is likely to come under pressure to help households with bills again next year if oil and gas prices do not fall (BBC News). Energy bills are expected to keep rising until at least spring 2023.

TWO THIRDS OF BRITISH COMPANIES TARGETED BY FRAUDSTERS

Two thirds of British companies have been targeted by fraudsters in the past two years, with cyberattacks the most common crime (The Times).

A survey by PwC found that 64 per cent of big corporations had been affected by fraud and economic crime, with the average cost to the business ranging from £800,000 to £4 million.

Business advice about staying safe from fraud can be found at Take Five to Stop Fraud.

NEWS IN BRIEF

Europe is developing contingency plans in case of a complete halt to Russian gas imports, the EU’s energy commissioner has said (Financial Times).

The UK has 400,000 fewer workers than at the start of the pandemic. The number of job vacancies advertised has this year exceeded the number of those looking for work for the first time on record. (Reuters).

Footfall in London offices has been down an average of 31.8 per cent on pre-pandemic levels, according to the Office for National Statistics (Telegraph).

The BBC has unveiled plans to cut back its output by closing two television channels and cutting 1,000 jobs to cope with inflation and the squeeze on licence fee funding (Financial Times).