Trump urges UK to slash North Sea oil taxes

US President Donald Trump has condemned the UK’s high taxes on North Sea oil, labelling it a “treasure chest” for the nation. In a post on Truth Social, he urged the UK to incentivise drillers to unlock wealth and reduce energy costs. The UK currently imposes a 38% energy profits levy, contributing to a total tax rate of 78% on oil and gas activities. Labour has increased taxes on oil giants, with revenues expected to yield around £5.2bn in the next year. Trump’s comments come after he advised Sir Keir Starmer during a visit to Scotland to cut taxes and tackle immigration to beat Nigel Farage’s Reform UK party at the next election. Trump also made the case for exempting farmers from inheritance tax stating that he had eliminated death duties for most estates in the US. Labour’s approach, however, has resulted in a record number of farms (6,365) being forced to close for good in the past 12 months, according to figures in the Telegraph.