David Prosser: North Sea investment? What about that tax hike?
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook In the context of the row over the 50p top rate of tax and the arguments about new levies on banks, the announcement made by BP yesterday makes interesting reading. Isn't the sizeable – and very welcome – investment it is making in the North Sea exactly the sort of development for which the oil industry told us this year's Budget would spell doom?
You will remember that within hours of George Osborne announcing a rise in the supplementary tax paid on North Sea oil profits – from 20 to 32 per cent – organisations such as Oil and Gas UK were warning that projects would be cancelled at the cost of thousands of jobs and billions of pounds of tax revenue. Judging from BP's announcement yesterday, it does not share thatanalysis – indeed, there has never been a time when it has been more active in the North Sea.
It is a case study that the Treasury should consider as it continues its review of the impact of the 50p rate of income tax. Faced with a higher tax bill, both individuals and businesses threaten to do all sorts of things. Sometimes, the threats prove empty.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments