CHANCELLOR George Osborne has unveiled a package of measures which will unlock up to £50billion of new investment in the vital offshore industry.
It includes legally guaranteed tax breaks on decommissioning and a £3billion field allowance west of Shetland and has been hailed by oil and gas chiefs as a “turning point”.
The good news was delivered a year after the chancellor announced a shock £10billion raid on the sector’s profits.
But motorists were left furious after he snubbed their repeated pleas for a cut in fuel duty.
Tens of thousands of pensioners in the region also face losing out under plans for a £3.3billion “granny tax”.
Mr Osborne also issued another warning to people on benefits – revealing a further £10billion of spending cuts are on the way on top of £16billion already agreed. Top earners will get a tax cut after the chancellor axed the 50p rate for people earning more than £150,000.
The level low earners start paying tax will rise to £9,205 from next year, while child benefit cuts will be phased in for people earning more than £50,000.
There was also a blow for smokers, who started paying an extra 37p on a packet of 20 from 6pm yesterday.
Mr Osborne said it was a Budget that would reward work and added: “This country borrowed its way into trouble. Now we are going to earn our way out.”
Labour leader Ed Miliband said the plans meant millions would pay more while millionaires paid less.
NFU Scotland chief executive, Scott Walker, said on the fuel duty decision: “This is a blow to all those living and working in rural areas for whom a car is a necessity, not a luxury.”