| Topic: | Re:Re:Re:Re:Re:The assets of the nation | |
| Posted by: | David Giles | |
| Date/Time: | 26/06/07 13:37:00 |
| All oil and gas companies have to pay taxes and royalties to the Government, irrespective of whether or not they are British or otherwise. These taxes and roayalities have made a major contribution to the Exchequer and have helped keep other taxes- including income tax- down for the past 40 years. BP and BNOC were once owned by the British Government.When they were they were by international standards small, unprofitable and unenterprising oil companies which contributed relatively small sums to the British Exchequer. BNOC was taken over by BP.When BP was sold, the Government received the market price for is shares. BP, following privatisation is now publicly owned, and one of the world's major and most succesful oil and gas companies contributing billions to the British Exchequer and billions more to shareholders and pensioners. British Gas was once owned by the British Government.When it was it was badly run and had very few assets outside the UK.It was a monopoly supplier of gas, notoriously inefficent and was incapable of securing safe supplies of gas from overseas producers. When BG was privatised and transferred into public ownership, the Government received the market price for its shares. BG as transformed into three plc's - Centrica, Transco and BG Group - who have gone on to be very succesful, earning billions for the British Exchequer and billions more for shareholders and pensioners. We now have a competitive market in gas supply and these and other companies are investing in the facilities, projects and contracts that will secure safe and competively-priced supplies of gas for the future. |