No new money: KNOC
KNOC has confirmed it will not put any more money on the table to try and complete its hostile £1.67 Bn (US $2.57 Bn) takeover of Dana Petroleum.
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Budget plans awaited
Published 22.06.2010 13:37:54 by John Bradbury
British business including oil and gas companies were bracing themselves for a new government budget due to be announced at lunchtime which is expected to hit business hard. With the new Conservative-Liberal Democrat government seeking to slash public spending to begin paying off a massive deficit, businesses will be expected to take their share of responsibility for reducing national debt and that could well mean capital gains tax and other business taxes could rise.
Chancellor George Osborne is expected to bring in the biggest budget for 20 to 30 years – for a generation – in a bid to balance the country's books. He has promised a budge which will be “tough but fair,” according to reports.
Most government departments – including the Department for Energy and Climate Change – are forecast for cuts which will mean enforced savings on their operations.
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