N Sea oil bonanza funded by Chancellor's billion pound taxbreaks
25 February 2013
Commenting on news today (Monday 25 February 2013) that investment in North Sea oil is the highest for 30 years, Friends of the Earth's Economic Campaigner David Powell said:
"This reckless North Sea oil bonanza has only been made possible because the Chancellor has handed the industry a billion pounds worth of tax-breaks since the last Budget.
"George Osborne's short-sighted economic strategy will keep the UK hooked on increasingly costly gas and oil and undermine investment in clean energy.
"Only a fraction of the world's oil and gas reserves can be burned if we're to avoid dangerous climate change - going gung ho for more will be a huge blow to our environment and economy."
Notes to editors:
1. UK Oil and Gas Industry Gives Boost to British Economy: http://www.oilandgasuk.co.uk/news/news.cfm/newsid/824
2. Research by Friends of the Earth in January 2013 found that tax breaks given to oil and gas exploration since Budget 2012
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Published by Friends of the Earth Trust
Last modified: Feb 2013