19 July 2013

It's a fracking shame

So, Slasher Osborne may be cutting public services to the bone but can still find the resources to offer tax breaks to big oil and gas.  The Guardian reports:
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.
Interesting to note that Lynton Crosby, lobbying bogeyman par excellence, is involved with the fracking industry.  I wonder if he "discussed" the matter with the Chancellor ...

No comments: