Alan Stewart, Aberdeen-based partner at MHA, an accountancy and business advisory firm:

“With no movement on the Energy Profits Levy, the uncertainty facing the sector remains unchanged. Companies cannot plan effectively without a stable long-term framework, and today’s outcome does little to address the hesitation already evident across investment decisions. A 78% tax rate continues to cast a long shadow over activity, pausing projects, slowing commitments and weakening confidence throughout the UK’s wider energy ecosystem.

“As things stand, the industry is left without the clarity required to support a balanced energy mix or deliver a fair and orderly transition. Stability is essential for maintaining secure domestic supply and for giving businesses the confidence to invest in both current production and future technologies. 

“The effects extend well beyond operators. Local businesses, supply chains and regional economies across the UK all feel the impact when uncertainty endures. Without a consistent and durable approach, the UK risks prolonging a period of caution at a time when the demands on energy security and long-term planning have rarely been greater.”