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Media advisory: Overseas Development Institute’s (ODI) response to UK budget

Written by Shelagh Whitley

​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]