Battlelines drawn over UK energy tax decision
Opposition to the UK’s controversial decision to increase taxes on the country’s energy industry has gained pace
The big players active in the North Sea have written an open letter to UK chancellor George Osborne, telling him the move has damaged investor confidence and could cripple the country’s gas sector. In an otherwise corporate-friendly UK budget, released on 23 March, Osborne announced that the supplementary charge on both oil and gas production would increase from 20% to 32% to pay for the fair-fuel stabiliser, a mechanism that would ensure fuel duty would rise in line with inflation only when oil and gas prices are high, meaning $75 a barrel. Any lower and tax on fuel can rise more steeply. But the industry believes the changes will hit the natural gas producers hard. Gas prices are rising, b
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