North Sea Oil and Gas Producers: Investment Allowances Debate
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Stephen Timms
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North Sea Oil and Gas Producers: Investment Allowances
Stephen Timms Excerpts(2 years, 6 months ago)
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Lucy Frazer
I think the hon. Member is aware that the Scottish CCS is a reserve. [Interruption.] I am grateful to the hon. Member for confirming that he is aware of that.
Sir Stephen Timms (East Ham) (Lab)
It has been reported that this concession will deliver an additional subsidy of £200 million to Shell for its development of the Jackdaw field, which was going to go ahead anyway. How can that be justified?
Lucy Frazer
The investment relief should not be available for investments that are deadweight. It should be for new investments. However, I am happy to look into the point that the right hon. Member has made.