Oral Answers to Questions

Debate between Robert Smith and Danny Alexander

Tuesday 10th March 2015 Commons Chamber

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

14. What steps he is taking to support jobs in the north-east of Scotland by maximising the economic recovery of North sea oil and gas. [R]

[The Chief Secretary to the Treasury (Danny Alexander)]

The Government have made significant progress on supporting the North sea oil and gas sector, including the announcements I made in December about an investment allowance and other changes, although I recognise that there are very serious ongoing problems at the moment.

[Sir Robert Smith]

I thank the Chief Secretary to the Treasury for recognising the problems in the North sea. Does he also recognise that the job losses that have been announced predate the fall in the oil price, and that it is crucial that in the Budget we see long-term structural change for the maturity of the province?

[Danny Alexander]

I wholeheartedly agree with my hon. Friend. I have had a number of meetings with Oil & Gas UK and representatives of the oil industry. Having set out in December the fact that the tax regime for the North sea is going to be on a declining path, recognising precisely the issues that he mentions, we have set a clear direction of travel, and the Chancellor will set out our decisions in the Budget next Wednesday. Let me reassure my hon. Friend that this Government take incredibly seriously the need to make sure that we have a fiscal regime that supports maximum economic recovery of the resources of North sea oil and gas.

Oral Answers to Questions

Debate between Robert Smith and Danny Alexander

Tuesday 24th January 2012 Commons Chamber

[Danny Alexander]

I certainly cannot confirm that debt is higher than it would have been if we had followed the path advocated by the Opposition. That path was leading to lack of economic credibility. When this coalition Government came into office, our credit rating was on negative watch from one credit rating agency, and it is only because we have taken tough action to deal with the deficit that we have got our spending under control, we are reducing our deficit and we have established this country’s credibility on the international markets, which was in considerable doubt under Labour.

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

T5. Can the Minister update the House on lessons learned from the Fiscal Forum on how to maximise investment in jobs in UK oil and gas production?