UK will bail out Scots’ struggling oil industry
Newcastle HELL FOR HELEN: Star leaves studios SCOTLAND’s struggling oil industry will be bailed out by the UK Government, George Osborne has revealed.
The Chancellor said he had already cut taxes on North Sea oil to protect jobs in the industry amid rapidly falling prices, and would take “further steps at the Budget” in March to help.
But Mr Osborne, appearing before MPs on the Treasury Select Committee, said the Government’s support for the oil industry was only possible because Scotland had rejected independence in last year’s referendum.
He said the problems suffered by the industry “reminds everyone of the risk of independence”.
He spoke as The Institute for Fiscal Studies has revealed that an independent Scotland could have been up to £7BILLION worse off as a result of falling oil revenue.