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Tax boost coming for shale gas industry

A new tax boost will be on its way for the shale gas industry in an effort to stimulate job creation – many of which could be freelance positions.

According to Chancellor George Osborne, both job creation and production levels will be increased from the sector’s inclusion in an up and coming targeted tax system in order to build on the recent success of  field allowances, a tactic used successfully to encourage North Sea gas field investment. Targeted tax regimes are effective, according to the Treasury, which said that there would not have nearly been as much stimulation to both production and investment otherwise.

The new move will undoubtedly lead to protest from the environmental protection and preservation sector due to the fact that shale gas extraction entails the use of ‘fracking,’ a highly controversial process that come say could lead to water contamination and earth movements. In addition, fracking creates carbon emissions, a fact that has led Greenpeace to speak out in condemnation of the process.

However, the new move is likely to give many umbrella companies and freelancers a reason to rejoice, as an expansion to the sector will provide badly needed interim employment opportunities to the local economy. In fact, there could be an additional 35,000 new jobs created by shale case extraction, according to the Institute of Directors, in spite of the heavy criticism concerning the economic impact of fracking.

In times of recession such as now, the unfortunate reality may be that there sometimes need to be a choice made between economic recovery and stewardship of the land, with neither choice providing full and complete solutions.

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