Michael Shanks

Michael Shanks

Labour — Rutherglen

Speaking in the House of Commons on 27 October 2025

Debate

North Sea Oil and Gas Industry

Contribution

I thank the hon. Gentleman for his tone and I accept the point that he makes. As I have said, we can be clear that there is a viable future for those 2,000 workers and we should be positive about that—it is important that we talk up the future potential of the company—but I recognise that that does nothing for those who might be worrying. We accept that the EPL will come to an end. We have consulted with industry on what the future of that looks like. We want to ensure that the Treasury gains value from price spikes, a point on which his party and mine agree, and that is a matter for the Chancellor to take forward. If he is in favour of a tax cut for oil and gas, it is important that he says where that significant amount of revenue will come from to fund the public services on which he and I rely.

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