For immediate release.

The Treasury has confirmed that Philip Hammond will outline new plans to support the North sea oil industry in today’s budget.[1]

Mika Minio-Paluello, energy economist for Platform [2], commented

“Philip Hammond is standing up for oil corporations at the expense of the British public in today’s budget. The government has turned decommissioning into a £40 billion fiscal time bomb, dropped on future generations. While BP and Shell have walked away with billions of pounds in profits, the cost of cleaning up their mess is being shouldered by the public. 

The NHS is in crisis due to funding cuts, but Hammond is adding new incentives to the billions of pounds in fossil fuel subsidies.

At a time when 80% of fossil fuels need to stay in the ground, we need decent jobs in 21st century clean industries. Instead of paying oil companies to drill for every last barrel, the government should start building a safe, democratic energy future that serves the people not profit.”

Contact Mika Minio-Paluello on 07733466038 or 020 74033738


[2] Platform is an energy thinktank with a 20 year track record in monitoring oil and gas.

[3] On Tuesday 7 March, details emerged of the Chancellor’s plans to support North Sea oil companies: