Labour's North Sea Oil Tax Plans Could Threaten Up to 75% of New Projects, Says Report

• Three-quarters of North Sea oil and gas projects could be unviable under Labour's tax plans, says Wood Mackenzie report • Proposals include 3% windfall tax increase to 78% total, backdating tax, halting investment tax breaks and drilling licensing • Just a quarter of new projects economically feasible if earlier Labour proposals implemented • Labour aims to not issue licenses for new exploration while using oil and gas "for decades to come" • Government says Labour plans would "kneecap" oil and gas sector, threatening 200,000 British jobs