Chancellor George Osborne made his Autumn Statement today, coming through on the Prime Minister’s pledge to ‘roll back’ green levies and giving a tax break to shale gas developers.
Osborne said the country should not ‘turn it’s back’ on shale gas and offered to halve tax rates on early profits from shale gas in the UK.
He added “The country that was the first to extract oil and gas from deep under the sea should not turn its back on new sources of energy like shale gas because it’s all too difficult.”
Labour’s proposal for a price freeze if they win the next election was ridiculed with the Chancellor declaring that the party would be unable to control wholesale energy prices, therefore preventing any real freeze on price increases.
“We’re also helping families with their energy bills. Not with a transparent con by pretending that we can control the world oil price.
“But instead by focusing on the thing government can and should control: the levies and charges that previous Energy Secretaries piled on bills.”