Philip Hammond’s Brexit budget to include North Sea boost

Written by Tom Freeman on 8 March 2017 in News

Chancellor set to make the "optimistic" forecast despite promising more austerity

Hammond - PA

Phillip Hammond is set to deliver an “upbeat” budget today in the wake of an optimistic OECD growth forecast for the UK.

The chancellor’s spending plans are expected to include measures to help the North sea oil and gas industry.

The budget is Hammond’s first as chancellor, and the last one to take place in the Spring before it is moved to take the place of the Autumn Statement.


RELATED CONTENT

Chancellor to announce £500m budget boost for robotics and electric vehicles

North sea oil- Scotland's drop in the ocean


Public finances have been stronger than expected in recent months, with the OECD yesterday revising up its growth forecast for the UK.

It said the British economy would expand by 1.6 per cent in 2017 - up from its previous estimate last November of 1.2 per cent.

Oil and Gas UK has been lobbying for tax incentives for decommissioning in the North Sea, and the Treasury has indicated it will set up a discussion paper on that and other measures to build on “unprecedented support” in the last three years.

In a letter to Hammond SNP Energy spokesperson Callum McCaig said: “The Scottish Government stands ready to cooperate with the oil and gas sector, the regulator and Westminster to create a ‘sector deal’ for the oil and gas industry, which should be far from a low priority.”

Elsewhere the Scottish Government, Scottish Labour and the Scottish Greens all called on Hammond to abandon the austerity approach of his predecessor George Osborne, but the chancellor is set to warn more spending cuts are in the pipeline.

Tags

Categories

Related Articles

Theresa May announces plans for energy bill cap
4 October 2017

Prime Minister used her speech to revive plans contained in the Conservative manifesto to cap prices for 12 million consumers

Renewable energy employment growth slows, finds REA
24 July 2017

New figures from 2015/16 show 125,940 people were employed across renewable heat, power, and transport in the UK

UK Government launches new £246m competition to boost battery technology
24 July 2017

Fund will be used to establish a centre for battery research for renewable energy and transport sectors

Opposition parties condemn sale of Green Investment Bank
21 April 2017

But GIB chair Lord Smith of Kelvin backed the sale following commitments to uphold GIB's green investment principles and report transparently on its green impact

Share this page