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The oil and gas sector has been a good friend to chancellors of the exchequer for more than 30 years.

And for those who thought it was in terminal and rapid decline, today we got evidence that the relationship is still going strong - in one direction at least.

Chancellors like the offshore industry rather more than it likes the Treasury. And if there's one thing that really riles leaders in the offshore sector, it's sudden changes in tax regime.

This may have been a budget for growth, but it doesn't look helpful to growing the biggest single investing sector in Britain.

In any case, the "budget for growth" argument looks somewhat weaker when you look at the Office of Budget Responsibility report, out on Budget day, which says the measures for business growth might help in time, but for now - it's not going to make any difference to OBR trend growth assumptions. Ouch.

In the oil and gas sector, they plan over long-term time horizons, investing in kit that costs billions and lasts a generation.

So having thought they had an understanding and listening ear in the coalition government, they were stunned to find that the tax bill is going up by £2bn.

Last financial year, the industry was paying £6.5bn across corporation and petroleum revenue taxes. This year, buoyant oil prices have pushed that up to £8.9bn. Next year, with the higher rate, the Treasury take is forecast at £13.4bn.

No stability

According to Ernst and Young's oil and gas expert, Derek Leith, oil fields will face a marginal tax rate as high as 81%.

"This demonstrates to industry in an unambiguous fashion that there is no real concept of fiscal stability in the UK," he said.

"Many companies will be frantically re-appraising their plans for capital investment in the UKCS in the coming days".

Trade body Oil and Gas UK says investment will be decreased, imports of oil and gas will be increased and UK jobs will go overseas, following oil basins where the tax regime is more investor-friendly.

The added complication is that George Osborne says the tax rate could come down if the oil price does. But it's not clear how long that lower price would have to be sustained, or how low the tax rate could go. That's unhelpful if you're making a business case for investing billions.

You can choose to interpret this as so much bleating from an industry making vast profits from the windfall of high prices. There isn't much doubt that George Osborne wants to bracket Big Oil with Big Banks in the public's demonology. In return, he may find the industry less friendly in future.

Cash cow

How will this play in Scotland? Will people be more grateful for some pressure being taken off fuel prices than they will be irritated by one of the country's big and successful industries being treated as a cash cow?

We may know more as people get to debate this through the election campaign. But when Gordon Brown doubled the rate from 10% to 20% in 2006, also infuriating the industry, it didn't play as a big issue with the public.

Former Labour Chancellor Alistair Darling concedes that the Treasury has previous on this, but claims the latest tax grab is on a new scale.

He argues the industry's investment decisions are usually made far from the UK, often in the US, where capital expenditure can as easily go to African or Asian prospects.

For the SNP, it's certainly a powerful reminder that the North Sea keeps on giving. Alex Salmond was pointing out today that the extra oil and gas corporate tax would allow a 50p per litre cut in tax.

For those arguing for lower fuel prices, there has to be a question over their green credentials when they are quick to abandon a fuel price accelerator specifically designed to encourage less fossil fuel use.

Banks thumped

On that front, it's worth noting that at least one measure in the Budget should help investment in Scotland's renewable technology. Putting a floor under the price of carbon, in the emissions trading scheme, also puts a floor under investment decisions, and helps add the predictability that investors crave.

The Green Investment Bank remains on track, but it's moving very slowly down it. £3bn is being committed to help fill the funding gaps that the market won't. It hopes to lever in as much as £15bn from private sector partners.

But the scale of the challenge is such that the GIB needs access to market borrowing, and it's not going to get that for another four years - crucial years for the sector.

In other parts of the Scottish economy, the banks are unhappy they're getting thumped again. This much was predictable. Even as corporation tax rates were cut faster than expected, it was offset by a higher special levy on banks. The bankers point out they are facing four different tax regimes within two fiscal years.

The life assurance sector will take time to absorb changes to its tax regime, with drastic change to the way tax relief is calculated for those who write protection policies. At least that's been well trailed within the business, but there's not much agreement on whether it's going to constrain the market or simply mean higher costs for customers.

The digital games industry is pleased about research and development tax credits, making their investment go much further. But they're very unhappy that George Osborne remains unresponsive to demands for special tax breaks that could help them compete for talent with Canada.

Pothole priority

With £70m more than expected to spend at Holyrood next year, and a total of £112m spread unevenly over four years as a result of this 2011 Budget, that is thrown into the Holyrood election campaign as a modest source of spending sweeties.

That some of it is attached to an English priority of filling in potholes, on which £100m is being spent down south, will surely fuel demands for Scotland's roads to get similar treatment.

The element from shared equity support for first-time home-buyers (£250m for England) is already being claimed by the construction industry.

Some is being spent on skills and science, which may not be seen as needing that extra spend.

Tax holidays

Some of the money is attached to the plan for 21 new enterprise zones in England.

Scotland had them in pre-devolution days, including, at different times, Arbroath, Dundee, Inverclyde, Invergordon, Hamilton, Motherwell and Monklands.

But there is evidence suggests such zones don't work well - that they merely relocate business activity, create jobs at very high cost, and don't have the hoped-for lasting effect.

Nevertheless, the coalition government's approach to regional policy may provoke Scotland's politicians to consider whether they could usefully learn lessons in focussing regeneration attention with business rate holidays, relaxed planning and more generous capital allowances.

The other factor that may play into Scottish politics and its economy is a renewed look at whether Northern Ireland deserves its own reduced corporation tax, to limit the damage done to business by having corporation tax at more than twice the rate charged across the Irish border.

In the unlikely event the Treasury accepts that case, be sure that it will fuel a lively debate about doing likewise in Scotland.