UK Government minister for Scotland has greeted the Chancellor’s support for the oil industry as “positive news”.
In today’s Budget, Chancellor Philip Hammond repeated the Treasury’s announcement that a panel of industry experts would be convened to consider how tax reforms could ease the sale of mature oil and gas fields.
The Treasury also said the UK Government would publish a discussion paper on how to support the sector.
Lord Dunlop said: “This is really positive news for Scotland’s oil and gas industry. There are very significant reserves still in the North Sea, and it is vital that the UK Government does all it can to help the industry maximise these.
“Our oil and gas industry is very much open for business, and the North East of Scotland is a great place to invest. We need to ensure that our tax regime helps support the industry in the most appropriate way.”
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