Budget And Oil Taxation

EDM number 1688 in 1992-93, proposed by Alex Salmond on 25/03/1993.

That this House condemns Her Majesty's Government for its Budget alterations to the oil taxation regime, which increases the North Sea revenue yield to the Exchequer by some ú500 million in the first year at a time of downturn in the industry; and expresses amazement that the Government, whilst attempting to climb out of the hole on pit closures, is drilling itself into a well on oil jobs; is concerned by the apparent lack of prior consultation with the industry and the lack of proper assessment of the likely impact on jobs; is concerned that the immediate impact has been the cancellation of five drilling contracts, the placing of a question mark over the future North Sea activities of several independent oil companies, and the potential loss of thousands of jobs in the North East of Scotland.

This motion has been signed by a total of 3 MPs.