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Wednesday, August 23, 2017

UK Government accused of ‘mismanagement’ of oil and gas industry

A row has erupted over a new report, which claims that the UK government's "mismanagement" of the oil and gas industry has cost tens of billions of pounds since 2015.

Pro-independence body Business for Scotland argued that, since the oil price crash, Norway had accrued £29.33billion in fossil fuel revenues while the UK lost £22.8million.

It concluded that "Scotland would run a significant fiscal surplus" had it not been for Westminster's handling of the industry.

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However, a north-east Conservative MP has branded the report "nonsense" and said that if Scotland had become independent in 2014 the effects of the downturn in oil and gas would have been "far worse".

The findings came ahead of the release of the Government Expenditure and Revenue Scotland (GERS) figures- which highlight what Scotland makes and spends.

Tens of thousands of jobs have been lost in the North Sea since the start of the crisis, with the think tank pointing to Westminster slashing taxes for operators without putting in support for workers.

Read the full report at Energy Voice