THE UK has halved its forecasts of tax revenues it expects to be generated by the North Sea oil and gas industry in the coming years. The Office for Budget Responsibility (OBR) said on Wednesday it expects oil and gas to raise £1.1 billion ($1.42 billion) in 2019-2020, representing 0.13% of gross domestic product (GDP). However, the OBR also said that, on average, the sector will generate £900 million per year less over the next five financial years compared to its predictions a year ago.
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