UK will bail out Scots’ strug­gling oil in­dus­try

Midweek Sport - - NEWS -

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.

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