VIDEO: Millions of pounds for fracking projects

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Councils that give the green-light to ‘fracking’ projects will be allowed to keep millions of pounds more in tax revenue, the prime minister has announced.

David Cameron said local authorities in England would receive 100 per cent of the business rates collected from shale gas schemes - rather than the usual 50 per cent.

Picture by Gabriel Szabo/Guzelian

Cuadrilla Resources near Preston, Lancashire on 26th of August, 2011. Fracking Stock
Picture by Gabriel Szabo/Guzelian Cuadrilla Resources near Preston, Lancashire on 26th of August, 2011. Fracking Stock

The move is part of an “all out” drive to exploit the controversial shale gas drilling technique.

The Government believes it could generate billions of pounds for the economy, support 74,000 jobs, and lower energy costs.

Whitehall officials said the business rates commitment would mean councils hanging on to up to £1.7m extra a year from each fracking site.

They stressed the industry had already pledged to give local communities £100,000 for each test drilling - and a further one per cent of the revenues if shale gas is discovered.

Mr Cameron said: “A key part of our long-term economic plan to secure Britain’s future is to back businesses with better infrastructure.

“That’s why we’re going all out for shale. It will mean more jobs and opportunities for people, and economic security for our country.”

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