Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Autumn Statement: Osborne backs shale gas industry

Autumn Statement: Osborne backs shale gas industry

George Osborne reaffirmed his support for the shale gas industry in the Autumn Statement in an effort to push down energy prices and make the UK's tax regime for the industry the most competitive in Europe.

The statement included a tax allowance, which had been under consultation, intended to give a boost to the exploitation of onshore oil and gas in the UK.

The allowance is based on offshore field allowances and will reduce the tax rate on a portion of a company's profits from 62% to 30% at current rates. Companies will receive an allowance equal to 75% of their capital spend on such projects.

When announcing the consultation in July, Osborne said: ‘We want to create the right conditions for industry to explore and unlock that potential in a way that allows communities to share in the benefits. This new tax regime, which I want to make the most generous for shale in the world, will contribute to that.’

Osborne continued: 'I want Britain to be a leader of the shale gas revolution – because it has the potential to create thousands of jobs and keep energy bills low for millions of people.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter