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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.

 

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