Wily Fox reveals cunning new plan to help North Sea oil and gas industry avoid paying £500 million Brexit ‘bill’

The Brit-Govt has vowed to help the North Sea oil and gas industry escape a £500 million ‘Brexit bill’ when the UK quits the EU in March 2019.

In March this year (2018) Scottish Energy News first revealed that Brexit will cost North Sea operator and the oil and gas supply chain another £200 million a year in tariffs and export taxes compared to remaining within the EU (or – at least – within the EEC / single customs union).

This vow was made last week during private talks in Aiberdeen between oil and gas industry chiefs (who included top managers at the Wood Group) and Liam Fox, MP, who is the Brit-Govt overseas trade minister.

As part of Fox’s cunning plan, he assured oil chiefs that he will avoid a £500 million Brexit bill due to increased tariffs in a World Trade Organisation scenario.

Liam Fox, MP
Liam Fox, MP

His plans include the replication of around 40 deals in place through the EU, and he has verbal agreements with all the countries involved.

He added: “One of the abilities of having a UK-wide department is that we are able to use the economy of scale to be able to lever international investment into the whole of the UK.

“Representatives from UK Export Finance were present with myself at both meetings and we are more than happy to see UKEF facilities made available to the oil and gas sector.”

18 May 2018

See alsohttps://tinyurl.com/yaxxtso8

Brexit will cost N. Sea oil and gas supply chain an extra £200m a year to trade outside EU

 

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