The Chancellor today confirmed the UK will give chase to a US-style shale gas boom by consulting on what tax incentives to give the controversial fuel source and creating its own department, a new Office for Unconventional Gas. The move will give certainty to developers in the UK including Cuadrilla Resources whose CEO recently suggested they would not wait forever to invest in the UK. However it is sure to be a bitter blow for environmental campaigners opposed to “fracking”. Announcing the Government’s Gas Strategy in his yearly Autumn Statement today, Mr Osborne suggested shale gas would help British families benefit from low gas prices similar to those experienced in the States.

(Dr. Benny Peiser)