The oil industry's hopes of reversing Britain's controversial tax raid on North Sea oil profits have been quashed by Finance Minister George Osborne, the Sunday Times newspaper reported. Citing minutes from a meeting between Osborne and oil executives, the Sunday Times said Osborne was "unwilling to be swayed on the tax increase or any suggestions that this might be a temporary measure".
The document continues: "He was willing to hear further representation from industry on the matter but it was clear that he was not presently minded to act upon the matter."
The meeting took place last week with representatives of Oil & Gas UK, a trade body, the Sunday Times reported.
Britain last month announced a surprise tax increase on oil and gas production in the North Sea, raising the tax to 32 percent from 20 percent.
The government has defended the decision, saying it expects higher oil prices to help the investment outlook.
Comments
Comments are closed for this article.