FuzzyAffro Posted March 19, 2015 Share Posted March 19, 2015 Just read raging Britnat Cochrane's latest article. UK government, and Cochrane, claiming oil is worth £600 million a year. As I'm sure we all know the true figure is considerably larger than that. Have a read of this The oil and gas sector is the UK’s largest corporation tax payer, contributing 16.4% of total Government corporation tax receipts - more than many other significant industries combined. Our report shows that the industry’s contribution to UK tax revenues extends far beyond the taxes North Sea firms pay themselves. Including taxes they collect – such as employee taxes and for those with a downstream business, fuel duties, the Total Tax Contribution (TTC) is estimated at £30.1bn, which is 5.5% of total UK government tax revenues. If the taxes paid by companies in the supply chain were included, the figure would be even higher.We were asked by Oil & Gas UK, the trade association for the UK’s upstream oil and gas industry, to look at the size of the contribution the oil and gas industry makes to the UK public finances and how the UK tax system impacts the industry. We used our TTC Framework to carry out the study. It provides a standardised methodology for companies to measure and communicate all the taxes and contributions that they pay. We had 28 Oil & Gas UK exploration and production (E&P) members participating in the research, representing 76% of the total UK oil and gas production for 2010/11, and 56% of Oil & Gas UK’s E&P membership. These companies provided data for the accounting year to 31 March 2011 which was extrapolated on a conservative basis across the entire membership. The study also looked separately at the activity of 18 supply chain members. We carried out a similar study for Oil & Gas UK in 2008 using the same methodology and we've therefore been able to compare the results.The Budget measures announced by Government to the oil and gas industry tax regime are significant and have the potential to impact the industry commercially and its supply chain. It's crucial that the tax system in the UK is both predictable and internationally competitive. There needs to be a high level of engagement with Government, so that industry and Government can work together to create investment and employment opportunities and to maximise recovery of the UK’s oil and gas reserves. This study provides robust information and data and a clear understanding of the views of companies in the sector, in order to inform that dialogue. So the true figure is around £30 billion. Remind me who is telling lies again? And for bonus points work out how much we would currently be in surplus if independent compared to the deficit we run as part of the UK. Link to comment Share on other sites More sharing options...
Young Joseph Stalin Posted March 19, 2015 Share Posted March 19, 2015 Link to comment Share on other sites More sharing options...
FuzzyAffro Posted March 19, 2015 Author Share Posted March 19, 2015 I don't have time in my life for eighteen year old puddle drinkers. I'm just going to ignore you from now on. Link to comment Share on other sites More sharing options...
Young Joseph Stalin Posted March 19, 2015 Share Posted March 19, 2015 I don't have time in my life for eighteen year old puddle drinkers. I'm just going to ignore you from now on. Link to comment Share on other sites More sharing options...
MassiveFanDan Posted March 19, 2015 Share Posted March 19, 2015 So it's gone from being worth £35 billion a year to £600 million in the last year? Jesus, that's volatile right enough! http://www.bbc.co.uk/news/uk-scotland-scotland-business-27129660 Link to comment Share on other sites More sharing options...
MassiveFanDan Posted March 19, 2015 Share Posted March 19, 2015 They widnae lie aboot oil though: Link to comment Share on other sites More sharing options...
Elixir Posted March 19, 2015 Share Posted March 19, 2015 So it's gone from being worth £35 billion a year to £600 million in the last year? Jesus, that's volatile right enough! http://www.bbc.co.uk/news/uk-scotland-scotland-business-27129660 Surprised that article hasn't been pulled tbh. Link to comment Share on other sites More sharing options...
MassiveFanDan Posted March 19, 2015 Share Posted March 19, 2015 Surprised that article hasn't been pulled tbh. It's actually impossible to find it through Google, unlike any other BBC News article I have ever seen. If I hadn't bookmarked it at the time I would never have been able to find it again. Try typing "BBC News oil and gas industry worth £35 billion annually to uk economy" into Google, and searching for it. It doesn't come up anywhere in the pages of results. By contrast, if you type in "BBC News Scottish Independence: Warning Over EU Membership Plan," an article with that exact title will be the first result on the first page. Cool eh? Link to comment Share on other sites More sharing options...
lichtgilphead Posted March 19, 2015 Share Posted March 19, 2015 It's actually impossible to find it through Google, unlike any other BBC News article I have ever seen. If I hadn't bookmarked it at the time I would never have been able to find it again. Try typing "BBC News oil and gas industry worth £35 billion annually to uk economy" into Google, and searching for it. It doesn't come up anywhere in the pages of results. By contrast, if you type in "BBC News Scottish Independence: Warning Over EU Membership Plan," an article with that exact title will be the first result on the first page. Cool eh? The simple reason why it doesn't appear in your search is because the word "billion" doesn't appear in the article. If you use "£35bn" instead of writing billion out in full, it's the first hit on the first page. Try searching for the following words: oil and gas industry £35bn uk Link to comment Share on other sites More sharing options...
FuzzyAffro Posted March 19, 2015 Author Share Posted March 19, 2015 Incredible though eh. The bigger the lie and all that. It's heartbreaking to think of the windfall we missed out on in September. People try to play down oil and it isn't the be all and end all and it will run out, but its worth shitloads of money. Link to comment Share on other sites More sharing options...
MassiveFanDan Posted March 20, 2015 Share Posted March 20, 2015 The simple reason why it doesn't appear in your search is because the word "billion" doesn't appear in the article. How embarassing. My Google-fu is weak, but my paranoia is strong. Link to comment Share on other sites More sharing options...
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