George Osborne

Opinion

Opinion: Budget was ‘hodgepodge’ of measures

The Budget this week was a hodgepodge of measures for the economy with some moves being made to help the oil and gas industry, however, yet again prime opportunities have been missed by the Chancellor to make a more substantial positive impact on the sector.

Opinion

Callum McCaig: Osborne it’s time you repay the industry that paid you

Scotland’s oil and gas industry has generated well over £300billion for Treasury coffers and it employs more than 375,000 people from across the UK. It is an important industry for the north-east of Scotland and the national economy, and one that has benefited UK government expenditure for very many years.

North Sea

Sturgeon urges Chancellor to lower oil and gas industry taxes

Scotland’s First Minister has called on the UK Government to lower taxes on the oil and gas industry in the forthcoming March Budget. Nicola Sturgeon said Chancellor George Osborne should take “urgent action” to protect jobs in the North Sea as she convened a special session of the Scottish Cabinet in Edinburgh. Ms Sturgeon said Finance Secretary John Swinney would seek an urgent meeting with the Chancellor to set out the Scottish Government’s view.

Other News

World must ‘choke off’ Islamic State oil cash

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.

Opinion

Osborne’s shale push makes no sense with oil price so low

In a performance that most magicians could only dream of aspiring towards, Chancellor George Osborne delivered an alleged austerity autumn statement that both mesmerised and left red-faced the Chairman Mao little red book-waving Labour opposition.

North Sea

OGUK reacts to Autumn Statement

Oil & Gas UK's economics director Mike Tholen said it was important the industry continue to boost confidence and encouragement investment in the North Sea following Chancellor George Osborne’s Autumn Statement and Spending Review.

Other News

George Osborne admits UK infrastructure has ‘failings’

Britons face longer commutes, more expensive energy bills and soaring housing costs because of the failure by successive governments to modernise the UK’s creaking infrastructure, George Osborne has admitted. The Chancellor will use next month’s Autumn Statement to set out plans to sell off billions of pounds’ worth of public assets to help fund major projects and will commit to invest £100 billion in infrastructure by 2020. Mr Osborne formally launched the National Infrastructure Commission (NIC), under the chairmanship of former Labour cabinet minister Lord Adonis, which he said would “hold our feet to the fire” with regards to progress on major projects.

Oil & Gas

OGA completes first stage of £20million seismic campaign in the UKCS

The Oil and Gas Authority (OGA) has completed the first stage of the UK Government’s £20million seismic campaign. The industry regulator said 20,000km of high-quality data had been acquired in under explored areas of the UKCS. The programme was completed by Schlumberger company, WesternGeco,on October 11th with almost 20,000km of new 2D seismic lines acquired over an area of 200,000km.

Other News

Danny Alexander ‘should have reformed power market’

An SNP MP claims Danny Alexander should have secured major reform of the electricity market while he was in office. Ian Blackford spoke out after Mr Alexander suggested the Highlands were being “let down” by a Tory majority government and “impotent” Nationalist MPs in opposition. Mr Alexander, former Inverness MP and chief secretary to the Treasury, was furious when the UK Government shelved a scheme he led to cut power bills in the north. The chancellor announced in the March Budget that ministers would consult on a plan to reduce electricity prices for families in the area by an average £30 a year. But it is understood the consultation was not carried out and officials now intend to look at the issue as part of a regular review of a subsidy scheme instead.

Other News

Osborne plans to lead trade delegation to Iran

The Chancellor of the Exchequer plans to lead a trade delegation to Iran next year if the country stays committed to a nuclear deal with other world powers. According to the Financial Times, the move would be made after six world powers agreed earlier this year to lift sanctions in return for the Islamic Republic accepting long-term curbs on a nuclear programme.

Oil & Gas

Oil and gas contractors in line for tax hike

Oil and gas contractors are facing a triple tax blow under a stealth £3billion tax raid by George Osborne. As the dust settles on the first Tory budget in nearly 20 years, details of a three-pronged attack on the North Sea's self-employed workforce are now emerging. Contractors - who have already bore the burnt of the job cuts which have plagued the industry since the turn of the year - look certain to lose out on thousands of pounds of income due to changes in Fividend Tax next year.