George Osborne unveils ‘most generous tax breaks in world’ for fracking

Posted by Guardian: Terry Macalister and Fiona Harvey on July 18th, 2013
Guardian: George Osborne has infuriated environmentalists by announcing big tax breaks for the fracking industry in a bid to kickstart a shale gas revolution that could enhance Britain's energy security but also increase its carbon emissions. The Treasury has set a 30% tax rate for onshore shale gas production. That compares with a top rate of 62% on new North Sea oil operations and up to 81% for older offshore fields. So far, no shale gas has been produced in Britain, but exploratory drilling is under......

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