Centrica threatens to pull out of gas field operation - 03/05/2011
Supplies of cheap gas could be affected if an energy supplier pulls its operations out of the UK.
Centrica, owner of British Gas, has warned the government that it may pull out of the country's biggest gas field in the North Sea in the wake of tax hikes announced in the Budget.
According to the Herald Scotland, Centrica has warned profitability on its South Morecambe project is now "marginal". The operation currently provides around six per cent of Britain's total gas supply.
Shadow chancellor Ed Balls told the newspaper that the £20 billion North Sea profits raid launched by the government had not been thought through.
"The consequence of this rushed and botched decision is that companies are reconsidering their future in Britain and we risk losing jobs and investment as well as secure energy supplies as a result," the Labour figure said, adding that this could be seen as a "spectacular own goal" by chancellor George Osborne.
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