Climate campaigners are up in arms today after the UK chancellor of the exchequer, George Osborne, offered new tax breaks to the North Sea oil and gas industry. Presenting his first budget since last December's UN Paris climate agreement, Osborne said the petroleum revenue tax on the industry's profits, a tax that was cut from 50 to 35 per cent last year, is now "effectively abolished". The decision is a part of a major overhaul of the tax regime for North Sea hydrocarbon reserves. He said the cut was needed because of low global oil prices. The new tax breaks have been welcomed by the industry.
Mar-20-2016, 13:00:45 GMT