Chevron chief slams oil tax

CHEVRON chairman and chief executive John Watson has slammed George Osborne’s Budget-day tax increase on oil and gas production in the North Sea.

“It was very disappointing. It was done without consultation with the industry, it’s the third tax hike in 10 years, making the UK one of the more unstable investment climates for our business... When you increase taxes every few years there will be unintended consequences of that in terms of where we choose to invest,” Watson said in an interview with the Financial Times.