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State budget is suffering along with North Sea oil industry

Negative tax receipts are expected in the Scotland Office for Budget during the next five years as operators show losses.

15.Jun.16 6:14 AM
By Vladimir Vasiliev


State budget is suffering along with North Sea oil industry

In the current financial year North Sea oil and gas industry made a £100 million breach in the budget. More than 65.000 jobs have gone since the oil prices collapsed. Though it affected Scotland economy badly the whole lot is not so bad. According to Scottish Government spokesman more than 90 percent of it is on shore and it makes Scotlandís economy fundamentally strong and healthy.

Some forecasts predict that other businesses taxes could grow by £19 billion over six years.  Given that North Sea oil and gas industry could claim 1 billion  each year as tax rebate outweigh  revenues the situation could be described as maybe bad but not crucial. But that is the only consolation. The industry is struggling to survive now.  The prices are raising, but experts do not expect prompt recovery.

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