Fear in the Corridors of the Scottish Whisky Association

Last evening on Channel 4, I watched a, “Project Fear” propaganda presentation blatantly bundled as a fair minded presentation of the Scottish Independence debate.

At interview, Gavin Hewitt, former Whitehall career diplomat and later chief executive of the, Scotch Whisky Association, (retired December 2013) offered that whilst he had not been approached directly, he had been advised of other members of his former executive team that they had been pressurised to remain, “neutral” in terms of the referendum and that they felt intimidated by, (faceless members of the Scottish Government). He went on to say the Association had to be careful since it was likely the SNP would be in power, in Scotland for some time regardless of the outcome of the referendum. When pressed to produce factual evidence in support of his assertions he couldn’t do so. He had however, “sewn the seeds of mischief” which were readliy seized on as fact by the programme presenter.

Angus Robertson, SNP Westminster MP leader having responsibility for constituences within which much of the Whisky is produced , was singled out by Mr Hewitt as exercising an over interest in the trade, promoting the impression of subtle bullying. Once more he could not provide evidence in support of his claim. His fantasy’s know no bounds.

Clearly on a roll Mr Hewitt also spoke to, “The Herald” 13 June 2014 stressing that, any intimidation directed at him by Nationalists had not been in the context of the independence referendum. More likely outstanding, “Minimum Pricing Unit” business.

Get the flavour of the poor wee soul. An extract from his address to the, “World Whiskies Conference);

“During its hundred year existence, the Association has tackled war, and cereals shortage as a result of war, prohibition in America and many similar challenges – not least from our own governments at home. It has fought against tax and tariff discrimination at home and abroad, and more recently the very serious threat of minimum pricing justified on spurious health grounds. (Hardly a shrinking violet).

http://www.thedrinksreport.com/guest-columns/2013/38-a-scotch-perspective.html

Three extracts from his written response to the UK Government’s (Intimidating) Budget, Oct 2013;

“The UK Government continues to impose unacceptable excise duty rises on Scotch and other spirits. Tax now represents 79% of the price of a standard bottle of whisky and this goes straight to the Treasury. There is 48% more duty levied on Scotch Whisky than beer. The French know how to look after their wine trade; it’s a pity that the UK government doesn’t learn from our neighbours.”

“The UK Government’s decision to increase duty on spirits while cutting beer duty is unfair, incomprehensible and undermines one of Britain’s major industries in its home market. It also sends unhelpful signals overseas on how Scotch Whisky should be taxed. Responsible drinkers who like a dram rather than a pint are being penalised and efforts by the government and the industry to create fairer tax regimes for Scotch in its 200 overseas markets are undermined.”

“It is time for the UK Government to scrap the duty escalator for all alcohol to create a more level playing field between alcoholic drinks. The struggling pubs and the hospitality industry rely on spirits and wine sales for more than 40% of their sales.”

This from the wee man, intimidated by Westminster who then subscribes to the, better together lot.

http://www.enterprisingscotland.com/golden-age-scotch-whisky/

Scottish Government Alcohol Industry Partnership – (Founding Member Scottish Whisky Association) Mr Hewitt!!!

The Scottish Government, concerned at the high and ever increasing levels of alcohol related death’s,illnesses and injuries in Scotland, brought together a group of wide ranging informed opinions from throughout Scotland tasked with a remit to find a way forward much reducing the harm.

Mission Statement.

“The aim of the Scottish Government & Alcohol Industry Partnership (SGAIP) is to deliver a long term collaborative approach to fostering a culture which recognises that responsible, moderate consumption of alcohol can be part of a healthy society.”

The Report. Approaches to Alcohol & Drugs in Scotland

Click to access report.pdf

http://www.scottish.parliament.uk/newsandmediacentre/17909.aspx

Gavin Hewitt – Retiral Address – 27 Nov 2013

Alcohol and health has risen up the agenda; I spend a great deal of time addressing how the industry might better contribute to practical work to reduce dependence. We have to do it in partnership; it’s not helpful when your own government gets the wrong end of the stick and risks undermining our success in foreign markets.

http://www.scotch-whisky.org.uk/news-publications/blog/gavin-hewitts-10-years-at-the-swa/

Not long after publication of the report Mr Hewitt declared that the Whisky Trade Association would not agree to the introduction of a, Minimum Price Unit, (MPU). A position, at odds with his membership of the, ” Scotland Futures Forum”. Despite his objection the Scottish Government passed the bulk of the recomendations of the Advisory Group into Law. The Whisky Trade Association speedily referred the matter to countries in the, “European Spirits Organisation” soliciting a response in supporting of their stance. Their was a measure of support resulting in the entire matter being referred to the European court. It is anticipated a decision could take between 5-10 years. Meantime the annual scourge of about 40 deaths and countless injuries,illnesses will still be visited upon Scotland.

The Whisky Trade Association, in their statement to the European court stated their was no evidence, Minimum Unit Pricing,(MUP) achieved any of the results claimed by the Scottish Government. This was refuted see;

http://www.ncbi.nlm.nih.gov/pubmed/19149811

A Channel Four documentary, on alcohol minimum pricing accused the, “Whisky Trade Association” of adopting the same delaying tactics as the Tobacco firms in preventing the implementation of this important health measure. It further highlighted that the Association was not concerned about overall whisky sales, (since the vast bulk of whisky produced in Scotland is exported), but the cheap vodka products which are produced by the, “European Spirits Organisation”.

A wee bit more about the, (easily intimidated) Mr Hewitt

Having given up his post with the Whisky Trade Association he was elevated, (soon after) to the much more senior position as, “President of the European Spirits Organisation”. (CEPS) is the representative body for the spirits industry in Europe comprising of 30 National Associations representing the industry in 26 countries, together with a large group of leading spirits producing companies. Yup!! the companies with the cheap vodka.

Summary.

The Scottish whisky industry, (with worldwide sales in excess of £5billion), is a powerful mega bucks rich enterprise which through it’s powerful lobby, (Whisky Trade Association) those driving it are very capable of spreading fear and alarm. Indeed Mr Cameron, originally as one with the Scottish Government bringing forward similar MUP measures has been frightened off by the, Whisky Trade Association. Westminster is to introduce a scheme in England which will achieve nothing. It is now the case, in some instances that water is more expensive than beer. What a disaster.!!!!

Scotland is not backing down to the Whisky Trade Association, (or to the new kids on the block) European Spirits Organisation, bullyboy lobbyists. Vote, “Yes” in the referendum.

http://www.fdbusiness.com/tag/gavin-hewitt/

Click to access AlcoholScotland.pdf

http://www.fdbusiness.com/tag/ceps/

The UK cannot rely on a nuclear defence – Scrap Trident – Increase Conventional Forces is the way forward

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In the course of the past year there has been an ever increasing frequency of Russian spy planes overflying the North Sea and Atlantic ocean not that far off the coast of Scotland. Response  from the UK has been patchy, often interception and close monitoring has been, “just in time” by the RAF.  This makes nonsense of recent changes to UK defences which included removal of  many planes from Scotland and closure of a number of bases.

At sea there were  reports of  Russian submarines  in the Atlantic, near to the Clyde and not that far away from routes taken by UK nuclear equipped submarines. The UK had no immediate resources available capable of identifying and monitoring the movement of submarines and had to call upon the USA to complete the mission.

 

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In recent months Russian bombers equipped to carry nuclear weapons have been identified on a number of occasions, in the English Channel and in the Atlantic off the coast of Devon having flown from the North past the coast of Scotland and Ireland.

The increased Russian presence is of concern since it appears the first the UK is able to positively identify and warn them off is at the time they are close to entering UK waters.

 

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The on-going testing of the UK defences is clearly driven by events in the Ukraine. It is evident the UK is lacking  surveillance aircraft capable of overflying and monitoring the Arctic area to the North and East of the UK, a situation created by the Con/Dem government forming part of their defence review which slashed conventional equipment replacement programmes in favour of retaining and indeed replacing the Trident Nuclear weapons defence system.

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I first wrote this blog note many months ago warning of the folly of moving defence dependence of the country away from conventional forces to nuclear. I do hope the chickens do not come home to roost. There is still time to do as the Americans wish.  That is to give up Trident at the time it becomes obsolete in 2017 and transfer UK dependence on nuclear cover to the USA. It is preferable to be protected by a 2000+ warhead umbrella s opposed to the 60+ the UK might be able to gather for use, if when needed. Which would be a once only option since it would be taking the country down the road of mutual destruction. Unthinkable but!!!

 

30.10.12: Martin Rowson on Trident

The money saved could be diverted back to the replacement of conventional weapons systems , getting the UK’s conventional land and sea forces back to  optimum levels  allowing their rapid and effective deployment protecting the country.

 

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What I wrote many months ago:

Scrapping the Nimrod MRA4 planes Leaves a, “big hole” in the UK’s defences.

The all British, “Spy in the Sky” Nimrod MRA4 surveillance and reconnaissance plane was a unique, world class, multi-role platform aircraft. In addition to completing traditional maritime roles, it also had intelligence gathering capabilities, crucial in today’s troubled world.

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The MoD and BAE signed a contract with BAE, in 1996 to build 21 Nimrod spy planes. This was later reduced to 12 and later still to nine. Then the multi-million pound Nimrod MRA4 surveillance and reconnaissance planes project was scrapped, in the defence review by the Con-Dem government. Nine of the planes, which were nearing completion were then dismantled for scrap metal. Protesters described the decision as the, “greatest blunder in the history of the UK aircraft industry”

The Nimrod MRA4 development programme had been in place for many years. To date, in excess of £5bn had been spent and this was written off. Approximately 2000 workers were laid off in consequence of the cancellation.

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Later. In an open letter to the Times signed by; (Marshal of the RAF Lord Craig, Major General Julian Thompson, Air Vice-Marshal Tony Mason, Major General Patrick Cordingley, Admiral Sir John “Sandy” Woodward and Air Commodore Andrew Lambert) they warned that scrapping the RAF’s Nimrod surveillance aircraft has left a “massive gap” in UK security;

 

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“Vulnerability of sea lanes, unpredictable overseas crises and traditional surface and submarine opposition will continue to demand versatile responsive aircraft”. “Nimrod would have continued to provide long-range maritime and overland reconnaissance – including over the UK – anti-submarine surveillance, air-sea rescue coordination, and perhaps most importantly, reconnaissance support to the Navy’s Trident submarines.”

 

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Union leaders also attacked the Government’s controversial decision to scrap the Nimrod spy planes. Unite national officer Bernie Hamilton said:  “The lunatics have taken over the asylum when the Government orders the Ministry of Defence to break-up £5bn worth of world-class defence equipment.”

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A Ministry of Defence spokesman statement said: “Ministers and service chiefs have made clear that the decision not to bring the Nimrod MRA4 into service was difficult, but it would not be reversed.

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An Audit Report later reported there were many other reasons, behind the decision to cancel the project. See attached;

https://sites.google.com/site/militaryairworthiness/12-why-was-nimrod-mra4-cancelled

 

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The levels of incompetence and deceit are breathtaking and I expect the adverse effects will be with the UK for some years ahead.

 

More On Aussie Abbott

Abbott Aussie PM, commenting on the referendum Said;

“I think that the people who would like to see the break-up of the United Kingdom are not the friends of justice, not the friends of freedom, and that the countries that would cheer at the prospect of the break-up with the United Kingdom are not the countries whose company one would like to keep.”

Abbott Elected – Australia Lurches to the Right – Racism Surfaces Once More – UN Unhappy with Abbott’s government:

Australia had barely absorbed the shock of the recent election when Abbott’s government announced it was suspending all visa processing of Afghan and Sri Lankan asylum seekers. The move fitted with a pre-election canvas of the Australian public in which revealed that 36% of respondents said some groups did not fit within Australian society, with Muslim, Middle Eastern and Asian people cited most commonly. It is hard to reconcile the new PM’s aspirational statement with these alarming public attitudes or with Australian government policies and practices that actively treat people less favourably because of their race or nationality.

Noteworthy is that the recently announced policy change is directed only at people of two particular nationalities, who as a result were, and continue to be, locked away in prison-like conditions for at least three to six months, even though they have committed no crime. The UN racism panel found this practice of suspending processing claims, without even a legislative basis, of particular concern.

The UN racisim panel also stood by while the Australian government suspended the right of people in Aboriginal communities to be free from racial discrimination, so that the government could send troops into Aboriginal communities without their consent, reclaim land and implement paternalistic policies such as welfare quarantining.

The UN’s expert racism panel further stated that the Northern Territory intervention policy continues to discriminate on the basis of race and restricts Aboriginal people’s rights to land, property, social security, adequate standards of living, cultural development, work and legal remedies.

http://www.abc.net.au/news/2010-05-27/abbott-facing-backlash-over-cruel-asylum-policy/843272
http://www.abc.net.au/news/2010-05-28/asylum-seeker-policy-an-appeal-to-fear-and-racism/844572

The New Zealanders, (voting to be independent of Australia) must have suspected someone like Abbott would surface in Australia. Very wise.

http://www.nzhistory.net.nz/page/nz-says-no-aussie-federation

Pix I like

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Tony Abbott Prime Minister of Australia – Scholar or Plonker ?

Tony Abbott Prime Minister of Australia – Scholar or Plonker ?

Tony Abbott is an Oxford graduate. His utterances on the big issues are best summed up by his statement, “No one is the suppository of all wisdom”. He secured a ‘blue scholarship” at Oxford. It was not awarded for high academic achievement (He was a Credit Average as his published transcripts show) or intellect. His scholarship was to allow him to study theology (Philosophy on the existence of God) not medicine, finance, science, business or arts. A paragon of intellect he is not.

He spent three years in a seminary studying to be a priest, during which time he must have read theology. Asked recently to reconcile his asylum-seeker program with his Catholic beliefs, he said: “Jesus knew that there was a place for everything, and it is not necessarily everyone’s place to come to Australia”. Either he seriously believes Jesus numbered border security among his concerns or it was a glib utterance to get a questioner off his back.

There was also his recent association of the word, “honour” with the Imperial Japanese Army during World War 2. More than 2500 Australians died on the Burma Railway basically because, having surrendered, they were seen by the Imperial Japanese Army as being without honour. The kindest interpretation you can give Abbott’s remark is that he didn’t know what he was talking about. Then, this week, he said World War 1 was “in one sense a tragic waste but it was for a good cause”.

The families of the, 62,000 young Australians who died and the 155,000 who were horribly injured. doubtless puzzled by his statement might pose the question what was the, “good cause” that 16 million people died for in World War 1?

http://www.theage.com.au/comment/is-tony-abbott-our-very-own-george-w-bush-20140807-101em1.html

NHS Privatisation Women on the March

Sunday Mirror 17 Aug 2014 Women on the March Against NHS Privatisation

Fed up with the rapidly increasing privatisation of the NHS in England 46 Darlington women set off from Jarrow Town Hall, yesterday on a 300 mile protest march to Westminster. They were joined, soon after starting, by another 400 supporters. The march will mostly follow the route taken by the, “Jarrow” marchers in 1936. It is anticipated other protesters will swell the group as in marches South. It is expected the marchers will arrive in London on 6 September.

Scot’s have been alerted to the creeping privatisation of the NHS in England and are aware that a, “No” vote, in the referendum will bring about similar changes in Scotland since a UK government would not tolerate, for long, any challenges to the dogma Westminster is pursuing.

Independent Scotland Would Maintain EU Membership

Independent Scotland Would Maintain EU Membership

A former senior British diplomat who negotiated the UK’s entry into the European Commission in the 1970s, the forerunner of the EU, has said it is not in London’s, “material interests” to leave an independent Scotland outside the European Union.

Professor Graham Avery was a senior British civil servant for 40 years and Private Secretary to two former British Ministers. He argues, “none of them, none of the 28 member states, least of all London, has a material interest in Scotland leaving the European Union even for a brief time.” He further stated, “anyone with experience of the European Union knows that the decision to allow Scotland to become a full EU member will be a political decision.”

The issue of Catalionian independence would be resolved by providing Spain with the reassurance that Scottish independence and subsequent membership of the EU, would not act as a precedent for Catalonia.

In conclusion, he identified that although rules and procedures would need to be followed, ultimately political expediency and the individual national interest of EU members will dictate the outcome. Full article;

http://en.ria.ru/world/20140603/190323867/Independent-Scotland-Would-Maintain-EU-Membership–Former-UK.html

Oh What a Tangled Web the Tory Party Weaves with Vitol

Oh What a Tangled Web the Tory Party Weaves with Vitol

Privately held Vitol SA is led by its long-time CEO Ian Taylor, a Scotsman – The company is the World’s Largest Oil Trader and is one of the Tory Party’s largest financial donors, thus ensuring privileged access to David Cameron and other senior Conservative government ministers. Taylor, attended a private dinner organised by David Cameron, in Downing Street, on 2 November 2011. The event was described as a, “social dinner for strong and long-term supporters of the party, with whom the PM has a strong relationship”. In November 2013 he was invited to dinner at Chequers. In February 2014, the former Tory Energy Minister Charles Hendry MP, became a £60,000-a-year Vitol consultant.

Taylor is one of the Tory Party’s largest and most reliable donors. In the run up to the 2010 election he gave the party £125,000 and since June last year he has given the party £116,000. Overall his donations since 2006 amount to around £1m. He is also under a degree of hostile scrutiny in the referendum campaign in Scotland. His £750,00 donation towards the pro-union ‘Better Together’ and similar campaigns is subject to an increasing amount of criticism. It’s widely accepted in the trade that his act is an attempt to make sure North Sea assets don’t escape Vitol’s grasp through Scotland voting for independence.

In the period 2010-2013 Vitol completed a number of sanction, (UN imposed) busting purchases, (making use of the company’s Swiss registration) buying large stocks of Iranian fuel oil at well below market prices then selling it on the Rotterdam spot market for a premium, making a financial killing, completely undermining Western efforts to choke the flow of petro-dollars to Tehran placing pressure on Iran’s suspected nuclear weapons program. The actions of Vitol side-stepping the UN approved sanctions on Iran is evidence the company is not concerned for the security of not only the West but the entire world. The UK is a vociferous critic of Tehran’s nuclear program and a leading advocate of the EU sanctions bypassed by Vitol.”

In recent weeks, Vitol has been identified to be in negotiations seeking to finance a Russian oil company targeted by US sanctions against President Putin. The US sanctions proscribe ROSNEFT from receiving new long-term loans from US banks and investors as well as targeting the company’s chief executive, Igor Sechin, who is close to President Putin. If successful Vitol will transfer $2Bn to ROSNEFT, in exchange for supplies of refined products over the next five years. The deal would boost ROSNEFT’s cash reserves and, if agreed, would help mitigate the effect of US sanctions that wiped five per cent off the its share price when they were announced last week. It is still a possible target for EU sanctions as well, although most observers believe it will be hard to get agreement among all 28 member states for such dramatic action. Mr Taylor is a director and a significant shareholder in Vitol so would be likely to benefit directly from the deal with ROSNEFT.

Igor Sechin, is a former Deputy Prime Minister of Russia and a close ally of president Vladimir Putin, ROSNEFT has undertaken a string of acquisitions which have transformed it into the world’s largest listed oil company. As well as the $55bn purchase of TNK-BP, the company has in the last year bought ITERA and SIBNEFTEGAS, two significant Russian gas producers, the gas business of ALROSA, the diamond miner, and refineries in Germany and Italy.

Talks on the ROSENEFT deal began before the downing of Malaysian Airlines flight MH17 and last night Vitol refused to say whether they were ongoing. They said, “Our client relationships are confidential,” adding that, “any conflict in which innocent civilians are caught up is tragic”. They further stated Vitol was, and would remain, “fully compliant with all applicable international laws and regulations”.

In 2013 Vitol entered into partnership with another trading firm, GLENCORE, to give another $10bn loan to ROSNEFT in return for future oil supplies. The close links between the two companies mean that the Conservative party is indirectly benefiting from profits made in collaboration with a company with intimate links to the Kremlin.

Yesterday, “The Independent” revealed that Vitol pays just 10.5 per cent tax on its global profits, which totaled nearly $15bn (£8.8bn) over the past nine years. A fraction of the standard UK tax rate for its hugely profitable London operations. Vitol achieves this by “confirming” its deals in low-tax Switzerland even if they have been negotiated in London. Google, another very large company, was only recently, very strongly criticised for operating similar tax techniques, by the House of Commons Public Accounts Committee). Revelations therefore, about Vitol’s tax arrangements and business dealings in Russia will risk embarrassing David Cameron who has led calls for tighter sanctions against Moscow despite his own party’s ties with wealthy oligarchs.

http://www.independent.co.uk/news/uk/politics/major-tory-donors-company-in-talks-to-finance-sanctioned-russian-oil-giant-9627198.html
http://www.heraldscotland.com/politics/referendum-news/silence-over-no-donation.20640745

The foregoing provides informative details of the, “ducking and diving” of the Tory party and Vitol. They are toying with the Scottish electorate determined upon gaining a, “no” vote in the referendum for their own ends, not to enhance the wellbeing of Scot’s. I am voting, “Yes” to independence and I encourage all who live in Scotland and have a vote to vote, “Yes” and send this lot on their way.

http://www.energyvoice.com/2014/08/video-north-sea-resource-produce-700million-barrels/

http://www.heraldscotland.com/politics/referendum-news/silence-over-no-donation.20640745

Economist delivers damning verdict on Treasury Low oil forecasts

Economist delivers damning verdict on Treasury oil forecasts – 18 Aug 2014

One of Scotland’s most respected economists has delivered a damning verdict on Treasury oil forecasts, arguing tax revenues over the next four years could nearly double those predicted. Professor Sir Donald Mackay described the figures from the Office for Budget Responsibility (OBR) – which recently downgraded its outlook for the North Sea – as “precisely wrong”. In a detailed analysis, the former advisor to the Secretary of State for Scotland – including the last four Conservatives to hold the post – backs the position taken by industry body Oil and Gas UK.

Prof Mackay notes the industry expects a major increase in production in the next two to three years as new fields such as BP Clair and Statoil’s Mariner come onstream. The former Scottish Enterprise chairman argues Westminster has been downplaying the potential impact of oil and gas revenues on an independent Scotland, which he believes will be “much greater” than suggested. He describes the OBR as being “hopelessly at sea” in its predictions of future oil prices, which he says are based on a flawed system that is not used by oil companies themselves. He adds: “We don’t need to do any serious extrapolation to arrive at sensible estimates of what output is likely to be over the period to the end of this decade. “In February 2014, the Wood Review concluded that ‘production hit a new low’ last year, but a number of larger new fields are about to come onstream in the next two or three years, and that could take production back to the level of two to three years ago where it could be sustained for the remainder of this decade”. He adds that would yield Scottish Government tax revenues from 2014-15 to 2018-19, close to twice those of the OBR. Prof Mackay states: “I would suggest that this scenario is likely to pass the Keynesian test of being ‘roughly right’, while the OBR’s forecasts are likely to be ‘precisely wrong’.”

Last night First Minister Alex Salmond, said the UK Government’s position on oil and gas was becoming “increasingly threadbare.” He added: “It is ever clearer that next month the people of Scotland have a choice between continued austerity with a No vote, or new prosperity and opportunity with a Yes vote.”

North Sea find could produce for 35 years

An oil field due to begin production east of Shetland could produce oil until 2050, it has emerged. Xcite Energy said yesterday that its Bentley find – one of the North Sea’s largest untapped resources – could produce more than 300million barrels of oil over 35 years. The firm plans to use enhanced oil recover techniques right from the start to maximise recovery. A trading update yesterday revealed that the field has proven, probable and possible reserves totaling 317million barrels. http://www.energyvoice.com/2014/08/video-north-sea-resource-produce-700million-barrels

More Oil Investment

23rd Jul 2014; Chancellor George Osborne announces plans for a “game changer” tax break to boost North Sea oil and gas exploration.

Mr Osborne, speaking during a visit to Bibby Offshore Ltd in Westhill, Aberdeenshire, said, “We are announcing the consultation on a really big new tax break which the industry themselves. I think have described as a, “game changer” for the North Sea oil and gas exploration – that’s the ultra high pressure, high temperature tax break field allowance. “This will mean we can go ahead with some really big investments in the middle of the North Sea, particularly the Culzean field, and that will create billions of pounds of investment, thousands of jobs. It’s an example of us responding to the requests of the industry. “They wanted us to support these new developments, and it is part of a broader strategy to make sure we have an oil and gas regime that is fit for the future, fit for the maturity of the North Sea basin, and also one that is going to secure jobs and investment here in Aberdeen and Aberdeenshire for many decades to come.”

Mr Osborne said, “the allowance for ultra high pressure, high temperature fields will create billions of pounds worth of investment and thousands of jobs.
Industry body Oil and Gas UK last night welcomed the move and said the current tax regime had been a “barrier to investment”. The government said the new allowance would build on Sir Ian Wood’s recommendations for maximising economic production of oil and gas. Sir Ian’s review estimated there are between 12-24billion barrels of oil remaining, although the Office for Budget Responsibility (OBR) recently revised down its forecasts. The new allowance, designed to support investment in “technically challenging” projects and encourage exploration in surrounding areas, will reduce tax on a portion of a company’s profits from 62% to 30% at current rates.