Finance Bill

Debate between Harriet Cross and Andrew Snowden

Committee of the whole House
Tuesday 10th December 2024 Commons Chamber

[Harriet Cross]

We were saying a moment ago how extraordinary it is that they are not here to stand up for their main industry. That shows how much they value or care about jobs across Scotland.

We are seeing warning signs already of the impact of these measures. Just a week after the Budget, Apache confirmed that it would cease operations in the North sea, saying:

“The onerous financial impact of the EPL, combined with the substantial investment that will be necessary to comply with regulatory requirements, makes production of hydrocarbons beyond 2029 uneconomic.”

According to the Aberdeen and Grampian Chamber of Commerce, 100,000 jobs may be at risk across the UK because of the changes. Offshore Energies UK says that 35,000 jobs directly related to projects that may not now go ahead are at risk. New clause 3, which would allow the Government the opportunity to assess and account for the impact of the Bill’s changes on jobs relating to the oil and gas sector, the supply chain and the wider economy, should be welcomed across the Committee.

[Mr Andrew Snowden (Fylde) (Con)]

On the impact that increased tax on the industry will have on jobs, was my hon. Friend as disappointed as I was to hear the Liberal Democrats talking only about how much cash can be raised from an industry, without asking how many jobs would be affected across Scotland and the UK, or about the impact on the economy as a whole?

[Harriet Cross]

Absolutely; sometimes there is a complete disconnect in this place between how much we can tax and squeeze something dry and what that does to investment. These companies, especially the global ones, do not have to invest in the UK—they can invest across the world. They are choosing to invest here at the moment, and therefore we get jobs, opportunities and employment. That investment can go abroad, and if it does, it will take jobs with it, to the detriment of all of us, but particularly us in north-east Scotland.