Ross Thomson
Main Page: Ross Thomson (Conservative - Aberdeen South)Department Debates - View all Ross Thomson's debates with the Cabinet Office
(7 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mel Stride
The hon. Gentleman suggests that we have done nothing, but the day before the Budget, that £347 million of additional resource budget was not there. That was announced in the Budget statement, along with another £1.7 billion of additional capital to support the businesses and people of Scotland.
Ross Thomson (Aberdeen South) (Con)
I am sure that Members on both sides of the House appreciate the role that oil and gas play not just in the north-east economy, but in the UK economy. Does my right hon. Friend agree that the transferable tax history that was set out in the Budget is a desperately needed shot in the arm for the industry, and a step in the right direction to making Aberdeen a global hub for decommissioning? That shows that 13 Scottish Tory MPs get things done.
Mel Stride
My hon. Friend is entirely right. I know that the oil and gas sector has warmly welcomed the changes that we are making to provide additional tax relief through transferable tax history. Many in the sector believe that that measure will lead to tens of billions of additional investment during the lifetime of the North sea reserves.