United Kingdom: Friends of the Earth says George Osborne creating ‘bonanza’ for oil firms

Posted by Guardian: Larry Elliott on February 4th, 2013
Guardian: Friends of the Earth has accused George Osborne of creating a bonanza for Britain's big energy companies by providing almost £1bn of tax breaks designed to boost North Sea oil and gas production. FoE said the chancellor was going against the advice of Jim Yong Kim, the president of the World Bank, in providing subsidies designed to ensure "every last drop of oil" is extracted from the UK's rapidly declining reserves. It said Osborne had hugely expanded field allowances, introduced by Alistair......

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