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3/25/11

Britain: Government Coalition faces Lib Dem revolt on euro 11.39 North Sea oil tax

Osborne is facing a Liberal Democrat rebellion over his euro 11.39 billion (£10b) tax raid on North Sea oil revenues, as industry leaders condemned the measure, claiming it would cost investment and jobs in Scotland.

A backlash against the windfall tax saw splits open up in the Conservative/Lib Dem coalition, while the oil companies lined up to attack the proposal, seen as the key announcement in the Chancellor's Budget this week.

Malcolm Bruce, the Lib Dem MP for Gordon, vowed to speak to Treasury ministers about the tax, adding: "I am certainly not going to support this measure".Osborne is facing a Liberal Democrat rebellion over his £10 billion tax raid on North Sea oil revenues, as industry leaders condemned the measure, claiming it would cost investment and jobs in Scotland.

For more: Coalition faces Lib Dem revolt on £10bn oil tax - Scotsman.com

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