The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
Chancellor of the Exchequer Philip Hammond is blocking a set of government proposals to overhaul the U.K. energy industry because of the potential spending implications for a new prime minister, people familiar with the matter said.
Downing Street has defended the need for ambitious action to tackle climate change after warnings from the Treasury that cutting the UK's greenhouse gas emission to zero by 2050 will cost £1 trillion.
The Treasury is unlikely to reverse North Sea tax breaks in the upcoming Budget amid industry warnings it could cause “irreversible damage”, it emerged last night.
Some businesses may have won a delay in the Spring Budget, but others now must embrace technology or face the wrath of the tax man, writes Susie Walker
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
Catch-up on all the week’s top news with Energy Voice’s Friday Five. Scroll through our gallery to see what oil and gas tax specialist and EV’s guest editor Derek Leith chose as his top picks of the week.
Unite claims offshore trade unions "must" be represented on the expert panel proposed by the Chancellor of the Exchequer.
New “T-Levels” are to be introduced as part of a fresh bid to give technical training equal standing to academic education, the Chancellor has confirmed.
The Chancellor to the Exchequer has delivered hope for late life North Sea assets and the firms who will be tasked with their decommissioning, according to an industry expert.
Although there are encouraging signs that confidence is beginning to return to the oil and gas industry, the UK Government must do more to ensure its recovery.
Chancellor Philip Hammond has signalled he will take a cautious approach to spending in Wednesday’s Budget.
Each time a report or study is published on maximising the UKCS potential and securing a stronger, higher oil price in the future we see one glaring similarity: the importance of increased productivity.
George Osborne has said he is glad BP shareholders rejected a £13.8 million pay deal for the oil giant’s chief executive Bob Dudley in a symbolic vote.
Scotland’s Deputy First Minister has warned the Chancellor against continuing to pursue “unnecessarily stringent fiscal targets” ahead of the Budget on Wednesday. John Swinney urged George Osborne to instead use limited borrowing to stimulate economic growth, after the Chancellor paved the way for fresh spending cuts, stating that savings equivalent to 50p in every £100 the Government spends need to be found by 2020.
Oil and gas experts at international law firm Pinsent Masons are calling for a package of North Sea concessions to be unveiled by Chancellor George Osborne during this week’s Budget.
The international community must take concerted action to “choke off” funding to Islamic State (IS), Britain has warned. Chancellor George Osborne and Foreign Secretary Philip Hammond said it was essential that jihadists - who have seized control of vast oilfields in Syria and Iraq - were isolated from the international financial system. Writing in The Daily Telegraph ahead of a meeting of United Nations Security Council finance ministers in New York to discuss action against IS, they said weaknesses in IS’ funding network must be exploited.
George Osborne was under fire last night after failing to offer any new Budget incentives to address the slump in North Sea exploration.