Industry and politicians in UK eagerly await today’s Budget

In the lead up to today’s Budget calls for tax concessions aimed at stimulating the offshore oil and gas industry in North Sea have increased from all sides. This morning the Scottish Deputy First Minister John Swinney added his voice to that of the leader of the Scottish Conservatives, Ruth Davidson, who presented her case for change in Energy Voice on Monday.

As we anticipated in last week’s post, Professor Alex Kemp of Aberdeen University also released his study into the potential impacts that a combination of tax breaks and cost efficiency could have on North Sea production. We will post a more detailed response to his analysis shortly.

With George Osborne expected to announce help for the industry today, both industry and politicians from all sides will be watching the Budget with anticipation.