UK Oil and Gas Industry
Debate between Alan Whitehead and Stephen Flynn(4 years, 9 months ago)
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Stephen Flynn
The hon. Member mentions stability. The Labour party stood on a manifesto commitment for a windfall tax. Is that something it still supports?
Dr Whitehead
The question of a windfall tax depends to a considerable extent on the health of the industry as a whole. Members have mentioned what revenues may arise for development purposes, and that is essentially what we are talking about. I emphasise that the ability to provide revenue very much depends on whether the industry reshapes itself in the way I have described, and that is why a sector deal is imperative.
As a veteran of these debates—I am sure the hon. Member for Aberdeen North will recall this—I remember Richard Harrington, the then Minister, saying in October 2018 that we were at
“the final stage of the process”.—[Official Report, 9 October 2018; Vol. 647, c. 22WH.]
He said that we would be at the end of the process soon. In the debate in March 2019 on sector deals, he said:
“I am very much looking forward to advancing these proposals.”—[Official Report, 14 March 2019; Vol. 656, c. 222WH.]
We received a knock-back shortly after that, when the Government said they did not think it was such a good idea to have a sector deal after the Select Committee had produced its report. Then, the Conservative manifesto stated that there would be a sector deal after all.
I look forward to hearing from the Minister whether there is a sector deal in the pipeline, so to speak, in the way we are talking about this morning. If there is, when will that sector deal come out of the end of the pipeline and secure the industry for the future, in the way that every Member in this Chamber would want? The Minister could greatly advance our discussion—I am sure he will—by putting those points on the table today.