Chancellor Jeremy Hunt will announce the next UK budget on March 6, giving the governing Conservatives what’s likely their last opportunity to announce giveaways before a general election.
Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
Harbour Energy (LON: HBR) has struck out at Jeremy Hunt's new Budget, saying that the decision to keep windfall tax if commodity rates return to normal levels is "deeply disappointing".
Chancellor Jeremy Hunt has been criticised for his U-turn in abolishing IR35 reforms, and today's "budget doesn’t help matters", according to one specialist.
Business leaders, including former Liberal Democrat leader Sir Vince Cable, have welcomed a £30million-plus Budget package for the Aberdeen energy sector.
With just hours until the Chancellor’s Budget, the RMT Union has called for creation of a £220million annual “Just Transition Fund” for offshore workers.
Rishi Sunak has cancelled this year's Budget and will instead prioritise protecting millions of jobs in sectors hit by the latest Government guidance on Covid-19.
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
Philip Hammond has warned that the UK economy will have to strike out in a “different direction” if the Government is unable to agree a Brexit deal with Brussels.
Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy.
A bid to open the Arctic National Wildlife Refuge to oil drilling faces a hold up over an arcane budget rule, a development that may mean it can’t be included in the tax overhaul legislation.
The SNP has issued a series of further demands to the UK Treasury to help revitalise the oil and gas sector – claiming the Budget measures “fall short” of the action required.
As the dust settles on the first Autumn Budget for over two decades, one might reasonably conclude it was, outside of the oil and gas sector, a bit of an anti-climax.
A ground-breaking new tax break for the oil sector will revitalise the North Sea and pave the way for a flurry of deals, industry experts said yesterday.