Scotland’s finance minister has told the British government he is concerned that some of Britain’s remaining North Sea oil will never be recovered as companies active in the area have scaled down investments due to the weak oil price. John Swinney, who is also Scotland’s deputy first minister, urged British finance minister George Osborne in a letter to cut taxes on oil and gas companies and to consider giving loan guarantees to the sector to avoid early field shutdowns and more job losses. Scotland is home to most of Britain’s oil and gas production and the oil market downturn has already led to around 10,000 job losses and salary cuts. “The declining oil price has resulted in a number of North […]