Chancellor Osborne answers questions in Parliament

By @ibtimes on

Chancellor George Osborne and junior treasury ministers answered questions in parliament on Tuesday. Following are highlights of the session.

OSBORNE ON NORTH SEA OIL AND GAS INDUSTRY SUPPORT

We are very specifically engaging with the (oil and gas) industry on decommissioning relief to give certainty to the industry in the years ahead and on field allowances that might aid exploration.

OSBORNE ON NEW CREDIT EASING SCHEME

On credit easing, I can confirm, subject to the final EU state aid approval which we expect to get in the next week, we will have the scheme up and running before the (March 21) budget.

OSBORNE ON BUDGET GIVE-AWAYS

The truth is this: we have to have economic credibility. The budget deficit is coming down, but it is still far too high. We're not going to have the unfunded give-aways (in this budget) that got the country into this mess to begin with.

(Reporting by UK economics team)

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