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Osborne in offshore Budget raid for £1bn

Osborne in  offshore  Budget raid for £1bn

GEORGE Osborne has ordered a full review of North Sea taxes – but will press ahead with a £1billion raid on the oil and gas industry at the same time.

The chancellor said yesterday that he was backing plans drawn up by Sir Ian Wood to maximise recovery from UK waters.

As well as a fresh look at the fiscal regime facing energy firms, he announced a new tax allowance which will help develop some of the most complex wells offshore. But last night he was accused of giving with one hand and taking away with the other – after it emerged that he has backed plans for an extra tax on rigs and flotels contracted into the North Sea, a practice known as bareboat chartering.

With the industry in the grip of an exploration crisis, insiders believe the measure will drive away crucial drilling rigs and cost firms up to £1billion.

However, his statement did contain some sweeteners for Scotland in the run-up to September’s independence referendum, including aid for regional airports such as Inverness and a freeze on whisky duty.

Elsewhere, he set out the most significant reforms to pensions since 1921 and moved to compensate savers for years of low interest rates.

He also froze petrol duty, cut bingo tax from 20% to 10%, froze spirits and cider duty and cut a further 1p from a pint of beer.