UK Less Attractive for Investment Than Venezuela, Says Hunting CEO

"The UK has become less attractive for investment than Venezuela," said Jim Johnson, CEO of Hunting, the UK's oldest oil and gas company. He stated that politicians have proven untrustworthy, and as a result, major investments in the country will no longer come. Johnson called Prime Minister Andy Burnham's hopes for industrial revival doomed due to unpredictable decisions and "confiscatory" taxes. In 2022, Rishi Sunak introduced a 38% windfall tax, later raised to 78% by Labour. The industry also suffered from the ban on new drilling.