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Tax Breaks For Fracking Firms As UK Goes 'All Out For Shale'

British Prime Minister David Cameron on Monday promised tax breaks worth millions of pounds to encourage shale gas development, declaring the country was going "all out for shale".
Tax Breaks For Fracking Firms As UK Goes 'All Out For Shale'
Image from: Flickr

Via AFP:

British Prime Minister David Cameron on Monday promised tax breaks worth millions of pounds to local councils who encourage shale gas development, declaring the country was going "all out for shale".

Cameron announced that local authorities in England will collect all of the tax collected from shale gas sites -– double the current 50 percent figure.

The government calculates that this could be worth up to £1.7 million ($2.8 million, 2 million euros) a year for a typical site.

"We're going all out for shale," Cameron said in a statement released by his Downing Street office.

"It w...

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