First let me be clear that what I know about the ins and outs of fracking could be written on a postage stamp. Even so, judging by the incredible benefits already being enjoyed by Americans as a result of their efforts I am instinctively for it. The fact that all the 'Greenies' are against it is a clincher!
Thus, I am delighted with today's news that our less than impressive Chancellor has taken the bold decision to reduce the tax on shale production from 62% to just 30%. Reduction of tax, any tax, any time, any place, is always and forever "A Good Thing". However, my cheers were very slightly muted by a report at The Coffee House by Isabel Hardman in which she says that Peter Lilley, a pro-fracker and usually a man of good sense, was against the idea of tax breaks:
‘On the basis of my knowledge of the oil and gas industry, I think that they
are probably unnecessary, and we should not give away unnecessary tax breaks;
although if they are necessary, that would be fair enough.’
Lilley used to be a stalwart Thatcherite back in the day and one trembles to imagine the dressing down he would have received from the lady had he come out with such nonsense when she was in charge. Anyway, let us not be ungenerous in our praise of George, after three years in the job perhaps he's finally getting the hang of it.
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