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
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