George Osborne's budget help for oil and gas companies

The Chancellor of the Exchequer has announced that he will cut the supplementary charge on oil and gas from 20% to 10% and abolish the petroleum revenue tax.

In his Budget statement in the House of Commons, George Osborne revised down the UK's growth forecast while insisting the country was "well placed" to handle the "dangerous cocktail" of global economic risks.

Mr Osborne said that the falling price of oil have meant further action was needed to ensure the industry's long-term viability.