Two of the most respected businessmen in the north east of Scotland have urged Rachel Reeves to scrap the windfall tax and the ban on new oil and gas licences.

Martin Gilbert – the former head of Aberdeen Asset Management – and ex-Wood Group boss Sir Ian Wood released a joint statement on Friday ahead of the Chancellor’s Budget next week.

The pressure has been growing on Ms Reeves in recent weeks to scrap the windfall tax on the profits of oil and gas firms, with concerns raised about its continued impact on the sector – particularly in Aberdeen and the north east of Scotland.

But the pair have urged her to go further, by also cancelling the UK Government’s position against new oil and gas developments and approving “shovel ready” projects in the North Sea – presumably alluding

See Full Page