Nex tax break 'to create 700 jobs'

Embargoed to 0001 Thursday December 12  File photo dated 18/03/13 of money as the UK downturn is finally expected to be left behind next year as the size of the economy surpasses its pre-recession peak, according to a new forecast upgrading prospects for growth. PRESS ASSOCIATION Photo. Issue date: Thursday December 12, 2013. The prediction from the British Chambers of Commerce (BCC) brings forward the likely date to the third quarter of 2014. It would mark the first time that UK gross domestic product (GDP) has climbed back to the peak it reached in the first quarter of 2008. See PA story ECONOMY GDP. Photo credit should read: Lynne Cameron/PA Wire
Embargoed to 0001 Thursday December 12 File photo dated 18/03/13 of money as the UK downturn is finally expected to be left behind next year as the size of the economy surpasses its pre-recession peak, according to a new forecast upgrading prospects for growth. PRESS ASSOCIATION Photo. Issue date: Thursday December 12, 2013. The prediction from the British Chambers of Commerce (BCC) brings forward the likely date to the third quarter of 2014. It would mark the first time that UK gross domestic product (GDP) has climbed back to the peak it reached in the first quarter of 2008. See PA story ECONOMY GDP. Photo credit should read: Lynne Cameron/PA Wire

%VIRTUAL-SkimlinksPromo%More than 700 new jobs are expected to be created following the announcement of a new tax allowance aimed at boosting investment in the North Sea oil and gas sector, the UK Treasury said.

Chancellor George Osborne confirmed during his Budget statement on Wednesday that a new allowance would be introduced for the region's most challenging high pressure, high temperature (HPHT) fields.