Tax break for North Sea oil & gas fields

Osborne: "This Government has signalled its absolute determination to get more investment in the North Sea" Credit: PA

The Chancellor has announced a tax break for the North Sea oil and gas industry to encourage the exploitation of older "brown" fields with the aim of increasing tax revenues.

George Osborne has said: "This is good news for the North Sea, good news for jobs and the broader economy.

"It will give companies the incentive to get the most out of older fields, creating jobs and delivering more revenue for taxpayers."