Professional Services

Cameron to set up support group for North Sea sector

David Cameron 'oil support group' - SantanderCB

David Cameron is setting up an 'oil support group' to help deal with the impact of plummeting prices on the North Sea oil industry. The group will be chaired by Oliver Letwin, minister for government policy, but is also expected to include Fergus Ewing, the SNP business minister in the Edinburgh government. Anna Soubry, UK business minister, who will also be a member of the group, said: 'The oil and gas industry has been a big contributor to the UK economy but as the price of oil continues to tumble to new lows, this will be a difficult time for the industry. We are determined that we do all we can to help this important sector weather the current global economic storms, which is why we're setting up this cross-government group.' Industry body Oil & Gas UK said it would welcome the initiative if it showed that senior ministers were considering ways to support operators at a difficult time. But it also called for changes to the licensing and taxation system surrounding the oil industry.


Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

Other Articles

When you’re an established business, recruiting top talent in all the areas you need can seem like a never-ending challenge.


If you’re a start-up or small business, how can you put together an attractive employee package to appeal to top talent – graduate and…


Mexico is predicted to become one of the world’s top 10 economies in the next 10 or 20 years.

Stop fraud

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by…

Santander’s Head of SME International Mark Collings discusses why exporting to new global markets may provide businesses with new and…

Where Next?