Oral Answers to Questions

Robert Smith Excerpts

Wednesday 22nd January 2014 Commons Chamber

[The Prime Minister]

I agree with the hon. Gentleman. The White Paper, which we were told would answer all questions, has actually left all the most important questions—on the future of the currency, on Scotland’s place in the European Union, on the future of defence jobs and on the future financial services—unanswered. I think that that is why Mr Salmond is struggling to get his argument across.

[Sir Robert Smith (West Aberdeenshire and Kincardine) (LD)]

We can currently celebrate record investment in North sea oil and gas production and all the jobs that they support but we have to recognise the growing concern at the lack of exploration. Will the Prime Minister therefore recommit the Government to their tax stability policy to encourage as much exploration as possible and ensure future investment?

[The Prime Minister]

I can certainly give my hon. Friend that assurance. It is very important that we make the most out of the asset that is the North sea. That is what the Wood report is all about, and we are putting those proposals in place. I know that my right hon. Friend the Chancellor will listen very carefully to what he says about ensuring that the tax system encourages maximum recovery in the long term.