UK oil sector seen shedding 15,000 jobs in months

London

WORKERS relying on the UK offshore oil and gas industry may see 15,000 jobs vanish in months as North Sea explorers cut investment plans on weaker prices, according to Ian Wood, author of a state-backed review of the business.

While government proposals to lower effective tax rates to just below 50 per cent will help, it will need to cut the level another 10 points if it wants to drive further change, he said.