LONDON, Dec 3 (Reuters) - Britain's finance minister GeorgeOsborne has announced an immediate cut in the supplementary taxcharge on oil companies to help the industry cope with a steepdrop in oil prices.
The supplementary charge will be reduced to 30 percent from32 percent, helping producers faced with weak oil prices andhigh production costs.
"The lower oil price clearly presents a challenge to thisvital industry," Osborne said as he announced a half-yearlybudget update. (Reporting by Karolin Schaps and Sarah Young)