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Tory Fiscal Regime Is 'Damaging' Oil And Gas Sector

>> 28 February 2012

SNP WELCOME REPORT SHOWING NORTH SEA OIL INVESTMENT CONTINUES

SNP MSP Maureen Watt has welcomed a report that reveals investment in North Sea Oil and Gas continues – but said it also showed the UK Government must change its damaging fiscal regime for longer term benefits.

The Oil and Gas UK report says long-term prospects are being “frustrated by the structure and instability of the current fiscal regime”.

Maureen Watt, SNP MSP for Aberdeen South and North Kincardine, is attending the launch of the report and said:

"This report clearly shows the current fiscal regime is damaging growth in the long term.

"There is some good news, in the sense that investment is continuing in North Sea oil and gas, with capital spending expected to reach £11.5billion this year.

"But it shows it is time for the Chancellor to realise his government's raid on North Sea oil and gas is unacceptable.

"Scotland needs the full powers to allow us to tailor the North Sea tax and regulatory framework that will ensure extraction levels are maximised and the industry supported.

"Devolving responsibility for the North Sea fiscal regime would also allow the Scottish Government to invest a share of the returns from oil and gas production into an oil fund, which will continue to provide for future generations - instead of being squandered, as successive UK governments have done with Scotland's North Sea dividend.

"George Osborne is currently delivering an unstable fiscal regime, which will only accelerate decline. His budget must deliver stability and open up investment in the industry."

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