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2016-03-17 18:50:00

BRITAIN CUT TAXES: $1.4 BLN

BRITAIN CUT TAXES: $1.4 BLN

Britain's finance minister George Osborne will cut taxes by 1 billion pounds ($1.41 billion) over five years for energy companies pumping oil from the country's North Sea fields, in a boost for an industry suffering low crude prices.

"We need to act now for the long term... backing this key Scottish industry and supporting jobs," Osborne said in his annual budget statement on Wednesday.

The oil price has fallen around 70 percent since mid-2014, prompting producers to slash jobs in Scotland's oil-rich northeast, sapping Scottish public revenues.

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Tags: BRITAIN, OIL, TAXES, PRICES

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