The UK government has chosen not to implement stricter tax regulations for North Sea oil and gas producers, opting to keep the previously announced measures.

This decision comes in the face of industry protests and maintains capital allowances within the windfall tax framework.

Chancellor of the Exchequer Rachel Reeves is exploring alternative sources of revenue to address a £22 billion budget deficit left by the previous Conservative administration.

The Labour Party's approach reflects the ongoing challenges of managing the nation's finances while also considering industry concerns.