Watching the World: A tax grab in the UK

You don’t have to live in a banana republic to observe the effect of greedy taxmen on the oil industry. Just take a look at the UK, where Chancellor of the Exchequer Gordon Brown has upped tax on the oil industry to a whopping 50%.Malcolm Webb, chief executive of the UK Offshore Operators Association, said it would “cost this country heavily in terms of jobs, inward investment, balance of trade, security of supply, and ultimate tax revenues. It can only have a depressant effect on investment in UK oil and gas.”“At a single stroke,” said Webb, “the Treasury has rewritten the industry’s future. It will severely undermine business confidence in the U...

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