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"Experts from energy regulator Ofgem to Deutsche Bank and the company in receipt of this tax break, Cuadrilla, admit that it won't reduce energy prices for consumers.
THE Chancellor George Osborne has unveiled tax breaks for controversial fracking in a bid to create the "most generous" regime for shale gas in the world.
"It is important to stress that shale gas will not be subsidised companies will be paying tax of between 30 per cent and 62 per cent, depending on what level is set, similar to small oil and gas fields offshore. If production gets going, the Exchequer can Michael Kors Bags Philippines expect to receive hundreds of millions in tax revenue. The UK's offshore oil and gas safety regime is one of the best in the world, and the same will be true for shale gas."
The Government also published planning guidance on shale gas development, which it said made clear that local councils were responsible for determining shale gas applications.
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Ministers believe the experience of the US, which has seen a shale gas boom, shows it could boost tax revenues, create jobs, reduce energy imports which have reached record highs in the UK and bring down household fuel bills.
Mr Osborne said: "Shale gas is a resource with huge potential to broaden the UK's energy mix.
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George Osbourne to introduce shale gas allowance in bid to encourage exploration of the energy resource
"Our new planning practice guidance will provide certainty for councils, for residents and for business.
Corin Taylor, senior economic adviser at the Institute of Directors, said: "Shale gas can create tens of thousands of jobs, put a cap on gas bills for families across the country and provide secure, competitively priced energy for British manufacturing. The Chancellor is right to put in place Michael Kors Fanny Pack White
Shadow energy minister Tom Greatrex said gas would remain an important part of the UK's energy mix and shale had the potential to help improve energy security if it could replace rapidly depleting North Sea reserves.
"Only by fully addressing legitimate environmental and safety concerns about fracking with robust regulation and comprehensive monitoring, will people have confidence that the exploration and possible extraction of shalegas is a safe and reliable source that can contribute to the UK's energy mix."
"Instead we're likely to see the industrialisation of tracts of the British countryside, gas flaring in the Home Counties and a steady stream of trucks carrying contaminated water down rural lanes."
The guidance complemented measures to help support the industry, and sets out the environmental, health and safety issues that need to be taken into consideration, ministers said.
The new tax regime, which is based on existing field allowances to back the development of technically or commercially challenging oil and gas resources, will reduce the tax on the income from shale production from 62 per cent to 30 per cent.
energy campaigner Lawrence Carter said: "The Chancellor is telling anyone who will listen that UK shale gas is set to be an economic miracle, yet he's had to offer the industry sweetheart tax deals just to reassure them that fracking would be profitable.
New planning guidance on shale gas is set to be published by the Communities Department as the Government attempts to drive forward exploration.
"Ministers should be encouraging investors to develop the nation's huge renewable energy potential. This would create tens of thousands of jobs and wean the nation off its increasingly expensive fossil fuel dependency."
"This new tax regime, which I want to make the most generous for shale in the world, will contribute to that.
But opponents warn that the process for extracting shale gas, by hydraulic fracturing rock with high pressure liquid to release the gas, or "fracking", can cause earthquakes, pollute water supplies, blight the countryside and affect house prices.
But he said: "Announcing tax breaks before we know how much shale gas is actually recoverable, before anyone even has a licence to extract it, and before anyone even knows whether fracking needs tax incentives, makes no sense at all.
"I want Britain to be a leader of the shale gas revolution because it has the potential to create thousands of jobs and keep energy bills low for millions of people."
a practical tax regime that will encourage the industry to develop and grow.
The Government insisted decisions on the go ahead for fracking, which is strongly opposed by local communities in some areas earmarked for shale exploration, would be "made by councils in a locally led planning process".
develop home grown shale resources will have on household energy bills, and environmental campaigners warn a new "dash for gas" will undermine efforts to develop clean energy, cut emissions and create green jobs and growth.
The backing from the Treasury comes after a recent report from the British Geological Survey revealed there was twice as much shale gas in the north of England as previously thought. Other areas of the country could also be exploited for the gas.
Planning Minister Nick Boles said: "There is huge potential to boost local economies and create thousands of jobs if we tap into benefits of shale gas.
Andrew Pendleton, Friends of the Earth's head of campaigns, said: "Promising tax hand outs to polluting energy firms that threaten our communities and environment, when everyone else is being told to tighten their belts, is a disgrace.
"We want to create the right conditions for industry to explore and unlock that potential in a way that allows communities to share in the benefits.
A new shale gas allowance will more than halve the tax due on a proportion which will be determined following consultation of income from production in order to encourage exploration of the unconventional energy resource in the UK.
The Government has also outlined measures to ensure local communities benefit from the development of shale, with 100,000 paid for each well where fracking takes place and 1% of revenues if the drilling proves to be commercially viable.
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