Chancellor George Osborne makes a statement following the release of the OECD's economic survey of the United Kingdom
George Osborne gave the broadest hit yet that he will cut North Sea taxes yesterday as the industry’s new regulator issued an “urgent call to action”.
The chancellor all-but-confirmed that next month’s Budget would ease the pressure on the sector – announcing “we have a plan to back it”.
The remarks were made on the day the new Aberdeen-based Oil and Gas Authority pledged to protect North Sea infrastructure and revitalise exploration.
In his speech to the OECD think tank, Mr Osborne said: “Today I want the hardworking people whose livelihood depends on the oil and gas industry to know that the British government is standing alongside them – and we will do everything we can to help.
“We’ve already cut taxes – and if we need to we will do so again the Budget.
“The oil and gas industry is a vital national asset – and we have a plan to back it.”
