Shelagh Whitley ODI Research Fellow said, “The tax
breaks to the oil and gas industry are a step in the wrong direction. These
producers already benefit from generous subsidies. Our research shows that last
year the oil and gas companies operating in the North Sea benefited by £757
million from tax breaks – now those are set to rise.
“When the oil price was buoyant, companies made huge profits, but they
didn’t invest to protect their workforce and business operations against future
down-turns. Now they have hit a lean time, they are turning to the tax payer to
shoulder this burden. The government should be following the lead of increasing
numbers of private investors, worried about climate change – and stop backing
fossil fuels.”
To arrange an interview with Shelagh Whitely, please contact Clare Price in
ODI’s media team, on phone +44 (0)7808 791 265, or email: [email protected]