Analysis: Tax rewrite would boost U.K. oil and gas exploration

08/28/2013 | Economist (tiered subscription model), The

An obstacle to building support for onshore oil and gas exploration in the U.K. is that almost all of the money that companies don't get goes to the Treasury, not local governments, according to The Economist. "The ideal solution would be to radically decentralise the tax system and allow local authorities greater freedom to set extraction taxes -- which would encourage miners to go where they are least disliked," the magazine says. "Unfortunately, the government is unlikely to loosen its grip over taxation."

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Economist (tiered subscription model), The

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