Not a slick move
Normally, predictions for the PBR and the Budget are forgotten the minute the chancellor stands up, but one particular suggestion may take a while to live down.
Ernst & Young was vocal in the early rumour-mongering about changes to the tax regime for oil companies, a suspected attempt at heading off tax rises.
TS understands, however, that some of E&Y’s oil clients were not pleased, concerned it would instead encourage the Treasury to raid their coffers. The suggestion disappeared from E&Y’s final PBR predictions, but may be harder to forget for E&Y’s customers, especially given the tax hit oil companies eventually took.