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Millions to go to councils that give green-light to shale gas

Posted at January 13, 2014 | By : | Categories : News | 0 Comment

Councils in England are to keep 100% of business rates they collect from shale gas sites – double the current 50% figure.

According to the Government, the commitment could be worth up to £1.7 million a year for a typical site.

Community benefits for local people will also be strengthened. Last year, the industry announced that local communities would receive £100,000 when a test well is fracked – and a further 1% of revenues if shale gas is discovered (worth £5 to £10 million a year for a typical site).

The industry has today confirmed it will further consult on how this money can best be shared with the local community, with options including direct cash payments to people living near the site, plus the setting up of local funds directly managed by local communities.

Prime Minister, David 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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