CBI calls for reduction to North Sea oil tax
The Confederation of British Industry (CBI) has called on Chancellor George Osborne to support the country's North Sea oil industry following the dramatic slump in crude prices.
The organisation's director general, John Cridland, said the tax rate on North Sea production needed to be reduced to two-thirds of its current level.
This would mean the 30% supplementary charge paid by oil companies on top of corporation tax would be reduced to 20%.
He said: "The government has to do something to help companies in the North Sea.
"By and large the oil price fall has been good for British industry, but we need some help for those companies that are hard-pressed."
Osborne will deliver his budget speech on Wednesday.