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Budget 2013: shale gas gets allowance boost
by Sarah Miloudi on Mar 20, 2013 at 13:11
Smaller businesses in the UK have been offered a string of new support mechanisms to boost growth, while the country's shale gas industry has also been given a boost.
George Osborne wants to help Britain live up to its potential in the shale sector and announced a 'shale gas fields allowance' in his latest Budget.
Osborne wants to make it easier for smaller firms to bid for government contracts, outlining this as a particular benefit for the county's visual effects industry.
He also said The Pensions Regulator will have to think about smaller firms' growth plans when they set out their rules, and will to make growth vouchers available to smaller firms.
Angelos Damaskos, chief executive of Sector Investment managers and fund adviser to the Juior Oils Trust, said: 'The Chancellor's proposals to encourage the development of shale gas resources in the UK will be a very welcome boost for this potentially important supply of energy.
'Given the UK's dependency on imported gas for residential as well as industrial uses, it is very important to support the adoption of technologies applied in North America that could economically develop large domestic gas deposits. Smaller companies are already in the process of testing some potentially large fields and the Budget initiatives will encourage larger companies to provide funding and scale of operations.'