We are, if Ernst & Young is to be believed, to expect changes to the tax regime for North Sea Oil companies in the pre-budget report.

Some unkind souls have, however, been suggesting that E&Y may have an ulterior motive.

E&Y audits BP, and there are suggestions that if it manages to show oil producers squealing before anything is introduced, it may be able to stop the government in its tracks.

'A very cynical suggestion,' is all TS's friends at More London Place will say.