ENERGY service giant Wood Group rounded off a busy year yesterday with a call to the UK Government to introduce flexible and efficient measures to limit the damage of its 12 percentage point tax rise.
Speaking after the company’s annual meeting in Aberdeen, chairman Sir Ian Wood said Chancellor George Osborne could yet counter the damage caused by his decision to raise the supplementary tax from 20% to 32% and urged him to introduce incentives for operators to continue to invest in gas and marginal fields.
He said only 20% of Wood Group’s operations were in the North Sea and he did not expect the tax rise to have a big impact on the firm, but added the government needed to act quickly to restore confidence in the future of the sector.
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