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Government pledge to cut oil and gas industry taxes

The Treasury has promised more tax breaks for the oil industry in next year's budget to help it to extract as much oil and gas from the North Sea as possible. Danny Alexander, the chief secretary to the Treasury, made the pledge when he published the long-awaited review of the North Sea tax regime. It follows George Osborne's Autumn Statement of a 2% cut in a supplementary oil tax charge.

 

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