Impact of the Energy Profits Levy on the North East Economy

That the Parliament notes that the Aberdeen & Grampian Chamber of Commerce has released the results of its latest Quarterly Economic Survey; understands that the survey states that only 14% of firms in the north east reported increased sales in the final quarter of 2025, which is less than half of the overall UK figure, and that almost half expect orders to fall in the months ahead; further understands that the region has recorded its lowest level of employment growth since 2020, with more than a quarter of firms reportedly expecting their workforce to shrink over the next three months, and that almost half are forecasting falling profits, which is nearly 20% higher than the overall UK position; understands that the number one constraint on growth cited by firms was taxation, followed by inflation; believes that these results highlight the damaging effect that the Energy Profits Levy is having on the north east economy, which is having real-world consequences on jobs, investment and future growth prospects, not just in oil and gas businesses but across all sectors; agrees with the report’s authors that “the north east is being hit harder than any other part of the UK” and that “policy decisions are actively working against the businesses that underpin our economy, not dissimilar to what we saw in mining communities in the 1980s”, and calls on the UK Government to finally reconsider its position, look at the data, take action to abolish the Energy Profits Levy and stop any more jobs and investment being lost in the north east.