Chancellor George Osborne could be poised to make tax changes to help the North-East.
The Tory MP, who is due to set out his budget today, said he was considering changes to the tax system for the oil and gas industry – to help prolong the future of North Sea oil fields.
The Tory MP, who is due to set out his budget today, said he was considering changes to the tax system for the oil and gas industry – to help prolong the future of North Sea oil fields.
Thousands of people across the North-East work directly for oil companies or manufacturing companies associated with the industry.
Mr Osborne was asked questions in the House of Commons by West Aberdeenshire MP Robert Smith, who asked for assurances that there would be some good news for North-east subsea industries in today’s budget.
Mr Osborne said: “Of course we want to ensure that we prolong the life of the North sea fields.
“One area on which we can work with the industry is ensuring greater certainty about decommissioning costs and about the tax regime that was operated under previous governments and how that will apply over the next 10 years.
Mr Osborne was asked questions in the House of Commons by West Aberdeenshire MP Robert Smith, who asked for assurances that there would be some good news for North-east subsea industries in today’s budget.
Mr Osborne said: “Of course we want to ensure that we prolong the life of the North sea fields.
“One area on which we can work with the industry is ensuring greater certainty about decommissioning costs and about the tax regime that was operated under previous governments and how that will apply over the next 10 years.
“I hope to work with the industry on that.”
Lib Dem MP Malcolm Bruce said he welcomed the Chancellor’s sentiments. He said: “My hope is what he does encourages the industry and is not a disincentive.
“It is of huge importance to the North-east, it still has around 50,000 people employed directly and it is absolutely crucial to our economy.”
Mr Osborne’s budget was also expected to feature tax cuts of up to £320, with the level of income people can make without paying tax set to rise to £8,085.
And he was widely expected to cancel a fuel duty rise to ease the burden on motorists and the haulage industry.
“It is of huge importance to the North-east, it still has around 50,000 people employed directly and it is absolutely crucial to our economy.”
Mr Osborne’s budget was also expected to feature tax cuts of up to £320, with the level of income people can make without paying tax set to rise to £8,085.
And he was widely expected to cancel a fuel duty rise to ease the burden on motorists and the haulage industry.
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