Changes To The North Sea Taxation Regime

EDM number 1176 in 2001-02, proposed by Robert Smith on 23/04/2002.

That this House recognises the importance of the United Kingdom offshore oil and gas industry, not only to the economy of the north-east of Scotland, but to the United Kingdom economy as a whole; acknowledges the importance of the industry in maintaining a secure and safe supply of energy; notes that the industry is competing for investment in an international market; further notes with concern that the industry is already cutting jobs to maintain international competitiveness; believes that the Chancellor's decision to introduce a 10 per cent. supplementary charge on profits from the North Sea industry will create instability, undermine confidence, damage investment and lead to further job losses; and calls on the Chancellor to reverse his decision.

This motion has been signed by a total of 10 MPs.