Media Centre

Tuesday 22 June 2010

Oil & Gas UK Responds to 2010 Emergency Budget

“Oil & Gas UK welcomes the Government’s recognition of the importance of stability in the tax regime at this time for the UK’s offshore oil and gas industry.  The sector is the country’s largest industrial investor and corporation tax payer and has a vital role to play as an engine of growth to help the nation’s economic recovery.

“Oil and gas projects have a life span of decades and as the Government appreciates, fiscal predictability over the long term is essential if the UK is to be an attractive destination for new investment.  We are keen to continue to work with the Government to ensure that our shared objective of maximising the recovery of the nation’s substantial remaining oil and gas resource is achieved.

“Our industry operates and provides highly skilled and well paid employment for 450,000 people across the UK, with 45 per cent of these jobs being in Scotland.  Around 10,000 businesses, ranging from multi-national corporations to small companies, work within our supply chain.  It is encouraging that the Chancellor has delivered a package of fiscal measures, including phased reduction of corporation tax, which aims to promote innovation and stimulate growth and development across the whole of our industry.”

Ends

For more information, please contact Sally Fraser on 020 7802 2404.

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