04 Feb '13, 11am

If you want to see detail on #Osborne 'bonanza' for oil firms as told here then see this briefing

If you want to see detail on #Osborne 'bonanza' for oil firms as told here then see this briefing

Friends of the Earth has accused George Osborne of creating a bonanza for Britain's big energy companies by providing almost £1bn of tax breaks designed to boost North Sea oil and gas production. FoE said the chancellor was going against the advice of Jim Yong Kim, the president of the World Bank, in providing subsidies designed to ensure "every last drop of oil" is extracted from the UK's rapidly declining reserves. It said Osborne had hugely expanded field allowances, introduced by Alistair Darling in 2009 to encourage production from "small or technically challenging new fields". These were worth £300m to the sector over the past three years. David Powell, FoE's economics campaigner, said in the current financial year new field allowances had been created and an existing one expanded. As a result, tax breaks since the 2012 budget were worth £864m to the industry and wer...

Full article: http://www.guardian.co.uk/business/2013/feb/04/friend-of-...

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