Osborne confirms tax break for shale gas

Chancellor George Osborne confirmed tax breaks for shale gas
Chancellor George Osborne confirmed tax breaks for shale gas
2
Have your say

CHANCELLOR George Osborne has confirmed shale gas companies will receive tax breaks as part of his Budget speech.

Speaking at the House of Commons in London, Mr Osborne said that there will be tax relief for shale gas and also confirmed a shale gas field allowance will be introduced.

“Shale gas is part of the future and we will make it happen,” he said.

Cuadrilla Resources owns several shale gas sites across the Fylde coast, including Singleton, Weeton and Westby.

The company was recently forced to delay fracking plans until 2014 while a full environmental impact assessment is completed.

Francis Egan, Cuadrilla’s chief executive, said fracking and drilling at its Anna’s Road site in Westby would stop until the assessment was complete.

He said: “Maybe our competitors will give us a bit of grief for setting the bar so high, but we decided to do this to put people’s minds at rest and if this is what it takes, we are happy to do it.”