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The biggest producer of oil and gas in the North Sea has reported that the government’s energy profits levy (EPL) has “all but wiped out our profit for the year”.

Harbour Energy said it had “reduced our UK investment and staffing levels” and bolstered its aim to expand elsewhere as a result of the hit from the windfall tax.

It has become something of a political football during the cost of living crisis to date, with opposition parties accusing the government of not going far enough in its efforts to recover costs of its energy bill support for households and businesses from extraction companies’ UK operations.

The likes of Shell and BP have revealed record profits on the back of elevated oil and gas prices due to the war in Ukraine, though their respective upstream activities expand far beyond the boundaries of the North Sea.

UK-focused Harbour had warned in January that it was to make head office workers in Aberdeen redundant in direct reaction to the hike in the levy, announced by chancellor Jeremy Hunt in November last year.

It took the EPL rate to 35% from 25% but the decision took the effective tax rate on North Sea profits to 75% because of the 40% corporation tax charge already applied.

However, some investment relief is granted under the levy.

Harbour’s chief executive said the job losses, yet to be completed, would be “significant” and it was looking to cut costs by $40m this year.

its profits after tax for 2022 came in at $8m (£6.7m) due to a “$1.5bn one off non-cash deferred tax charge associated with the EPL”, the company said.

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BP boss defends UK tax contribution

But shareholder distributions of $553m were made during the year and it proposed a $100m final dividend which marked a 9% increase in awards during the year.

A new share buyback plan worth $200m was also revealed.

Shares fell 2% at the open.

Chief executive Linda Z Cook said: “The UK Energy Profits Levy, which applies irrespective of actual or realised commodity prices, has disproportionately impacted the UK-focused independent oil and gas companies that are critical for domestic energy security.

“For Harbour, the UK’s largest oil and gas producer, it has all but wiped out our profit for the year.

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“This has driven us to reduce our UK investment and staffing levels.

“Given the fiscal instability and outlook for investment in the country, it has also reinforced our strategic goal to grow and diversify internationally.”

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‘These are the windfalls of war’

Labour is among government critics urging that the EPL is more punitive given that households and businesses are suffering from record energy bills.

Mr Hunt is widely expected to maintain the energy price guarantee at its current level of £2,500 in his budget next week rather than cut the level of support from April as had been planned.

This is due to a fall in wholesale gas costs which has reduced the expected cost of the financial aid package.

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Boy, 14, stabbed to death on bus in Woolwich, southeast London

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Boy, 14, stabbed to death on bus in Woolwich, southeast London

A 14-year-old boy has been stabbed to death on a bus in Woolwich, in southeast London.

Police were called around 2.30pm to reports of a stabbing on a bus on Woolwich Church Road near the junction with the A205 South Circular Road.

A boy who police said had received stab wounds was treated by paramedics, but he died at the scene shortly after they arrived.

Officers have launched an investigation into the incident.

No arrests have been made so far but police are appealing for witnesses of the incident on the 472 bus.

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A cordon and road closures were in place as of shortly before 5pm.

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Liverpool hospital declares critical incident over ‘exceptionally high’ demand on A&E amid rising flu cases

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Liverpool hospital declares critical incident over 'exceptionally high' demand on A&E amid rising flu cases

The Royal Liverpool University Hospital has declared a critical incident due to “exceptionally high” demand on A&E and patients being admitted to wards.

The hospital said there had been a spike in people with flu and respiratory illnesses going to emergency departments in recent weeks.

The number of people in England’s hospital with flu quadrupled in the last month, according to NHS data.

A spokesperson for the hospital said it had a “comprehensive plan in place” and was “taking all the necessary actions to manage the challenging circumstances”.

“We are working with partner organisations to ensure those that are medically fit can leave hospital safely and at the earliest opportunity,” they added.

The hospital warned some people would experience delays as it prioritises the sickest patients.

People whose case isn’t an emergency are being asked to see their GP, pharmacy or walk-in centre – or call the 111 service for advice.

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The Royal Liverpool University Hospital is in the city centre and is the biggest hospital in Merseyside and Cheshire.

Declaring a critical incident can happen when a hospital is experiencing exceptional demand, or sometimes if there is a serious problem with staffing levels.

It indicates it can’t function as normal and allows it to take extra measures to protect patients, such as prioritising the most unwell people and getting support from other agencies.

It could last hours, a few days, or weeks if necessary.

A critical incident was also declared on Friday by the NHS Cornwall and Isles of Scilly Integrated Care Board.

It said it had seen almost four times as many inpatients compared with last year and urged people with flu to avoid going to A&E.

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There have been warnings this winter of a so-called “quad-demic”– with flu, vomiting bug norovirus, COVID and RSV circulating at the same time.

The NHS provides vaccinations against three of the four; flu, COVID-19 and RSV (a common cause of chest infection in babies).

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Zendaya and Tom Holland engagement rumours swirl after Golden Globes

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Zendaya and Tom Holland engagement rumours swirl after Golden Globes

Zendaya and Tom Holland are rumoured to be engaged after the 28-year-old actress appeared at the Golden Globes wearing a massive diamond ring on her left ring finger.

They met after working together on 2017’s Spider-Man: Homecoming and confirmed their relationship in 2021.

Sky News has contacted representatives for Zendaya and Holland for comment.

Zendaya and Tom Holland pose for photographers at the photo call for the film ''Spider-Man: No Way Home''.
Pic:Invision/AP
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Zendaya and Tom Holland pose for photographers at the photo call for the film ”Spider-Man: No Way Home”. Pic: Invision/AP

Zendaya chatted to journalists on the Globes red carpet, where she was nominated for best actress in a musical or comedy for her role in the romantic sports drama Challengers.

Despite being pipped to the prize by Demi Moore, who won for her role in body horror The Substance, there was plenty of buzz around Zendaya’s large diamond ring, which was clearly visible throughout the show.

A Los Angeles Times reporter appeared to ask Zendaya about it, holding up her own engagement ring and pointing to it. Zendaya responded by showing her left-hand ring.

Zendaya arrives at the 82nd Golden Globes.
Pic: Invision/AP
Image:
Zendaya arrives at the 82nd Golden Globes. Pic: Invision/AP

The reporter then asked if the actor was engaged and “she kept showing her ring, smiled coyly and shrugged her shoulders mysteriously”.

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Holland, who is also 28, wasn’t at Sunday’s Globes.

Zendaya arrives at the 82nd Golden Globes.
Pic:Invision/AP
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Zendaya arrives at the 82nd Golden Globes. Pic: Invision/AP

Zendaya wore an orange Louis Vuitton ball gown, and diamond jewellery from Bulgari – for which she’s an ambassador – on the Globes red carpet.

But while the Dune star’s other jewellery items were listed in a press release, there was no mention of the ring on her left finger.

Zendaya, who rose to fame after her breakout role in Disney sitcom Shake It Up, became a household star after starring in Euphoria.

Tom Holland, who is the son of British actor/comedian Dominic Holland, won a role in Billy Elliot The Musical as a child, and has gone on to achieve global fame playing Spider-Man in six Marvel Cinematic Universe movies.

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