Financial Times: UK vulnerable as oil and gas output drops

Britain’s vulnerability to the vagaries of North Sea oil and gas output has been highlighted by the sharp fall of receipts from a sector that normally contributes around a quarter of UK corporation tax.

The Office for Budget Responsibility signalled last month the danger of declining oil and gas revenues depressing tax receipts in July – usually the second-highest month for receipts and also when oil and gas companies pay the first of three instalments on yearly profits.  MORE