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Cautious over budget statement
 Oil and Gas UK has given a cautious welcome to Chancellor George Osborne's Autumn Statement which laid out future plans for Britain's finances.
Osborne delivered his latest verdict on the country's economy in his traditional autumn budget statement in the House of Commons and the UK energy industry group – which is still talking to the government about the offshore tax regime – has suggested any changes announced in the autumn statement would be “premature” before the next Budget due in March 2012.
“Since the tax changes announced in the last Budget, we have been engaged in constructive dialogue with the Treasury on the fiscal regime, particularly regarding ways to stimulate investment in un-commercial fields and to resolve the uncertainty around tax relief on decommissioning costs by Budget 2012,” declared Mike Tholen, Oil and Gas UK's economics and commercial director, responding to the latest government budget statement.
“We consider it timely to wait until the Budget to address these matters and believe it would have been premature to see an announcement in the Autumn Statement,” Tholen said, adding: “The Treasury did indicate that it would consult on measures to promote research and development by larger companies and on that we will look to engage.”
Nevertheless the Chancellor's statement did confirm plans to introduce an increase in the Ring Fence Expenditure Supplement. As the government indicated back in July this year, this supplement is to be increased from six per cent to ten per cent, effect from 1 January 2012.
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