Highlights Labour manifesto expected later Thursday Take hike would hit North Sea investment UK production enjoying recent output recovery London — Proposals by the UK’s main opposition party, Labour, for an $11 billion windfall tax on oil and gas producers would damage the UK economy and increase the country’s reliance on imported oil and gas, according to UK offshore operators and industry watchers. Labour unveiled Thursday plans to create a “Just Transition Fund” by levying a tax on oil companies as part of its election manifesto designed to transform the UK into a low carbon, green economy. “A Labour government will ensure the big oil and gas corporations that profit from heating up our planet will shoulder the burden and pay their fair share through a Just Transition Tax,” Labour leader Jeremy Corbyn said at the manifesto launch. No further details of the proposed tax were given, but the […]