Market Watch: Oil Industry Up in Arms Over Brown's Profits Tax ; Plan to Double Levy On North Sea Companies

Summary

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BRITAIN'S oil industry has reacted in fury to Chancellor Gordon Brown's decision to raid its coffers to plug gaps in the nation's finances. Mr Brown announced a pounds 2 billion-a-year tax on North Sea oil profits, which have rocketed as fuel prices have risen.

The money will fund a package of assistance for pensioners, while enabling him to freeze duty on petrol and diesel.

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Extract

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Market Watch: Oil Industry Up in Arms Over Brown's Profits Tax ; Plan to Double Levy On North Sea Companies

However, the decision to double a key levy on the fuel extractors from 10% to 20%, raising pounds 2.3bn a year for the Treasury, led to how...

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