CHANGES TO THE NORTH SEA TAXATION REGIME

Motion Text

That this House recognises the importance of the United Kingdom offshore oil and gas industry, not only to the economy of the north-east of Scotland, but to the United Kingdom economy as a whole; acknowledges the importance of the industry in maintaining a secure and safe supply of energy; notes that the industry is competing for investment in an international market; further notes with concern that the industry is already cutting jobs to maintain international competitiveness; believes that the Chancellor's decision to introduce a 10 per cent. supplementary charge on profits from the North Sea industry will create instability, undermine confidence, damage investment and lead to further job losses; and calls on the Chancellor to reverse his decision.