Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Lib Dem leader says oil sector taxed highly enough already

Lib Dem leader says oil sector taxed highly enough already
Liberal Democrat leader Nick Clegg spelled out his opposition to a windfall tax on the offshore oil and gas industry yesterday.

Liberal Democrat leader Nick Clegg spelled out his opposition to a windfall tax on the offshore oil and gas industry yesterday.

Speaking after a Scottish Council for Development and Industry (SCDI) gathering in Aberdeen, Mr Clegg said the sector was taxed highly enough as it was and dismissed calls from environmentalists, unions, consumer groups and others for the UK Government to take a larger slice of profits.

Record quarterly figures from BP and Royal Dutch Shell last month reignited demands for a windfall tax, but Mr Clegg said companies doing well should be celebrated rather than attacked for it. He said: “The oil and gas industry is a very important part of the economy,” adding that energy suppliers were a better target for raising cash to help the UK to recover from a recession.

The Lib Dem leader told SCDI members earlier that windfall subsidies given to generating companies could be directed elsewhere as part of measures to revive the stricken economy.

Other ideas for new green taxes are aimed at the aviation sector and “shaping people’s behaviour in terms of the products they buy”.

Mr Clegg also outlined his proposals for a radical rebuild of taxes to put money back in the pockets of people on low incomes, while he said investment in major public projects – “such as building up our housing stock” and insulating homes – was a better strategy for economic recovery than the fairly meagre and temporary cut in VAT unveiled in the pre-Budget report on Monday.

Mr Clegg said new transport developments were just the kind of infrastructure needed to come out of the recession as soon as possible and suggested that mortgage lending could be freed up to stimulate the economy by bypassing existing banks, possibly through a new national bank or a merger of government-owned Bradford and Bingley and Northern Rock.

Recommended for you

More from Energy Voice

Latest Posts