Concerns over cuts amid rising oil price put to rest

The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.

Philip Hammond said the government will “maintain headline tax rates at their current level”, putting to rest concerns about cuts amid the rising oil price.

Media reports earlier this year suggested the recent recovery in the oil price could put tax relief measures in the firing line.

The announcement to maintain the regime has been broadly welcomed by the sector, but measured with a warning that an emergency budget in a “no-deal Brexit” means “nothing is off the table”.

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