Tories outline plan to reduce energy bills for families and increase competition in the sector

A programme which aims to increase competition in the energy sector while reducing families’ bills has been launched. The plan from Chancellor George Osborne and the Business Secretary Sajid Javed, sets out steps the government is taking to secure rising living standards and create competitive business conditions for firms. The scheme, ‘A better deal: Boosting […]

North Sea tax relief could attract £2bn

The Treasury’s decision for a new tax relief scheme in the North Sea could attract £2 billion worth of investment. Trade body Oil & Gas UK made the claim as it welcomed the Chancellor’s announcement today and said it would benefit the nation’s energy security and the public “purse”. It also claims there could be […]

Chancellor unveils new tax break for the North Sea

Chancellor George Osborne today announced a new tax measure to support investment in the North Sea. The ‘Brown Field Allowance’ in older oil and gas fields is expected to save up to £500 million for some projects, potentially cutting companies’ tax bill by £160 million. The Chancellor said he hopes the savings generated by the […]

Brits could benefit from IEA oil release

Britain could benefit from the International Energy Agency’s release of 60million barrels in response to the disruption of Libyan oil supplies. Recent unrest in the Middle Eastern country has led some experts to suggest that Libya’s oil supply won’t return to normal until the end of the year. Chancellor George Osborne said that the IEA […]