More North Sea job cuts
Archer makes 400 redundancies.
Another North Sea oil company has announced major job cuts. Oilfield services firm Archer's cutting 400 on and offshore posts across the UK - most of them are expected to be in the North East. Yesterday we learned the sector lost more than £5 billion last year - and investment's expected to plummet in 2015.
Chancellor George Osborne's given his strongest indication yet that the tax burden on the industry will be slashed in the budget next month.