Social media platform Twitter is ablaze with reactions and hot takes on the profits announcement of energy giant BP (LON: BP)...and they're all pretty much calling for the same thing.
Shadow Chancellor Ed Balls has insisted Labour will announce “detailed plans” to reform the tax regime for the North Sea if George Osborne does not act swiftly.
The Labour MP would not be drawn on the specifics of any future policy yesterday, but argued that the Chancellor cannot afford to wait until the Budget in March to make changes to secure jobs and safeguard investment.
Speaking in Aberdeen amid news of fresh lay-offs in the north-east, Mr Balls also argued the Scottish Government could be doing more to mitigate against the wider impact of the oil industry downturn.
The North Sea oil industry is one of Scotland's great success stories.
For decades it has sustained thousands of jobs, generated billions in tax revenue and acted as a platform for exporting the talent and expertise of this great nation around the world.
But the industry is at a crossroads.
