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UK Chancellor of the Exchequer George Osborne has announced significant tax cuts to help “one of the most important and valued industries” in the country in his Budget speech Wednesday. The measures include halving the Supplementary Charge on oil and gas and the effective scrapping of Petroleum Revenue Tax.

“The oil and gas industry employs hundreds of thousands of people in Scotland and around our country. In my Budget a year ago I made major reductions to their taxes but the oil price has continued to fall so we need to act now for the long term,” he said.

“I am today cutting in half the Supplementary Charge on oil and gas from 20 percent to 10 percent, and I am effectively abolishing Petroleum Revenue Tax too, backing this key Scottish industry and supporting jobs right across Britain.”