EU chief enters North Sea oil row
Gunther Oettinger, the European Union's energy commissioner, has today entered a discussion regarding North Sea oil exploration. He has suggested that there should be "a blanket ban" on drilling in the North Sea until the issues regarding the Gulf of Mexico disaster have been clarified. This comes after a significant increase in activity by oil companies in the North Sea with the potential for further oil finds to be announced in the short-term. So will the UK government take heed of the European Union's warning?
At a time when the UK government needs every penny of taxation it can raise there is no chance that oil production in the North Sea will be curtailed in the short to medium term. While we may see the introduction of further safety regulations in the aftermath of the Gulf of Mexico disaster, the very fact that the European Union is attempting to enter a wholly UK subject regarding oil drilling in the North Sea will not do the European cause any good.
David Cameron and his coalition government are looking to take a very firm line with EU interference regarding UK matters and this unwarranted entry into the UK oil industry by a senior EU official is both unwelcome and unwanted.
Share this..
Related stories
Are we seeing the demise of tax havens around the world?
Today's announcement that the US government has brokered a deal with the Swiss government, which will see US government requests for banking data on US national accounts acted upon, could spell the end of tax havens around the world. The last few weeks have seen the UK government and the US government in a pincer movement on various tax havens around the world including Switzerland and Luxembourg...
Read MoreFinance Sector Bonuses Come Under The Spotlight
In a move which probably makes sense but may well be a little late in the making, the Bank of England has announced plans to look into the way the finance sector rewards employees and the potential brain drain from other areas of the economy as people chase the big bonuses. While Mervyn King has not actually criticised the bonus system in places such as the City, there are concerns that temptatio...
Read MoreConservative party embarrassed by non-domicile revelation
Zac Goldsmith, the son of serial entrepreneur Sir James Goldsmith, will be standing in Richmond Park and North Kingston as a Conservative party candidate. However, the Tory party has been dragged into a non-domicile situation with the revelation that Zac Goldsmith, while paying his relevant taxes in the UK, actually has a non-domicile status. Those who follow the political scene would be well a...
Read MoreSmall firms deliver "damning" Budget verdict
Small business owners have given a "damning verdict" on last week's Budget.Half of those surveyed by the Forum of Private Business (FPB) said they thought the chancellor's plans would have a negative impact on their business.The trade organisation said its members were particularly concerned about how changes to the tax regime would affect their operations.In his Budget speech, Gordon Brown said t...
Read MoreHow will the VAT increase impact upon household incomes?
The 1 January 2010 will see the VAT rate in the UK return to its previous figure of 17.5% after a period during which it was reduced to 15%. While 2.5% may not seem an awful lot when you buy one item, if you replicate this additional cost across the whole of the UK economy, both for products and services, the impact will be marked. Not only will we see an increase in the cost of goods and products...
Read More