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Oil & Gas contractors vital for the UK economy

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A new report has revealed that contractors working in the oil and gas sectors play a vital role in underpinning the UK’s energy industry, as well as making a significant contribution to the nation’s economy overall.

The latest Oil & Gas UK Economic Report has revealed the huge scale of contribution the UK oil and gas industry has made to the wealth and well being of this country, which includes both permanent workers and contractors.

Freelancers working in the industry will be interested to hear that the Oil & Gas sector, which represents over 250 companies, not only provides 440,000 jobs but also still produces oil and gas in sufficient quantities to satisfy half the country’s demand for energy.

The report also revealed that the industry pays a full quarter of total UK corporation tax, that’s around £6 billion, and contributes approximately £11.2 billion.

Oil & Gas UK’s chief executive Malcolm Webb, said, “The UK oil and gas industry’s economic contribution is to be celebrated and supported, especially in the current challenging global environment.

“It is providing extra jobs and placing orders with companies across the UK supply chain, as well as supporting exports and tax revenues.”

Mr Webb added, “Following a period of sustained fiscal uncertainty, the industry is now more confident that the Government recognises the maturity and costliness of the province relative to other investment destinations and the unshakeable link between fiscal predictability and investment, production, jobs and tax revenues.

“It is because of this growing confidence that the sector can attract more investment to the UK, and with that investment comes jobs, to the tune of 15-20,000 for every £1 billion spent.”

Please visit our Contractor News page for all other news. To discuss this story further visit our SJD Accountancy Blog.

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