Treasury under pressure from oil leaders and Scottish politicians

Treasury under pressure from oil leaders and Scottish politicians

Leaders from the oil industry and Scottish politicians have been increasing pressure on the Treasury to prevent new taxes that would impact investment in the sector.

The Press and Journal has reported growing confidence amongst senior Tory sources in Scotland that there would be positive results for the oil and gas industry in Chancellor Philip Hammond’s Budget announcement later today.

This comes after the publication of an Aberdeen University report that predicted that £17 billion worth of oil remains in the North Sea.

In another study, the Scottish Parliament Information Centre highlighted a correlation between the 9% increase in duty in 2008-09 and the 10% drop in production during the same period.

The Treasury has indicated that its final spending announcement, before the UK is set to leave the European Union, will help “build a strong, more prosperous economy”.

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