Related Articles
Forward article link
Share PDF with colleagues

UK producers offered support worth $1.9bn by the government

The measures should result in higher production and lower tax for the industry

The UK government introduced measures to help the country’s troubled North Sea producers, in its budget in March. Chancellor of the Exchequer George Osborne said the measures amounted to £1.3 billion ($1.9bn) of support for the industry, and should result in production at the end of the decade being 15% higher than it would have been. The supplementary charge paid on top of corporation tax — a much criticised measure — is to be cut to 20%, backdated to 1 January this year, from 30% at present. (The government had previously announced a cut to 30% from 1 January this year, from the 32% rate applying until the end of last year). But the new 20% rate only takes the supplementary charge back to

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy