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The UK government has launched a consultation on plans to replace the windfall tax on the profits of energy companies when it comes to an end in 2030.

A US oil firm has said it will end all its operations in the North Sea by the end of 2029, blaming the impact of the windfall tax.

Apache said recent confirmation in the Budget that the windfall tax on oil and gas firm profits would rise and be extended to 2030 had made production uneconomic.

The chancellor also confirmed a windfall tax the UK government levies on the profits made by oil and gas firms will rise from 38% from 35% on 1 November, and will remain in place until 2030.

The government pledged to invest £8.3bn into the company over the course of this parliament, which is expected to be raised through a windfall tax on oil and gas firms.