Aberdeen business giants Sir Ian Wood and Martin Gilbert have issued a stark warning ahead of next week’s Budget, urging the Chancellor to take immediate action to stem what they describe as investment “haemorrhaging” from the North Sea.
In a strongly worded joint statement, published in today's Press & Journal, the pair say the region is “now at a critical moment” and warn that the north-east risks losing the very workforce that built its globally recognised energy sector.
Reflecting on their own careers, they write: “In our previous careers we have both been extremely fortunate to lead successful, globally recognised businesses, Wood Group and Aberdeen Asset Management, both proudly established in our home city of Aberdeen. It wouldn’t have been possible without a resilient and talented local workforce.”
They argue the North-east is uniquely placed to lead the next phase of the energy transition, but only if enough companies and skilled workers remain rooted in the region.
“It is a future that should excite us all,” they say. “But it is a future that can only be realised if we have a critical mass in companies located here to deliver them and, right now, we are losing them, and the people they employ, at an alarming rate.”
With Budget decisions now days away, Sir Ian and Mr Gilbert have set out three clear demands:
- End the windfall tax in the next financial year
- Approve shovel-ready North Sea projects within weeks
- Reverse the ban on new oil and gas licensing without delay
Read more in today's Press & Journal.