Peter Aldous calls for Budget support for North Sea oil and gas industry

1st March 2016

Peter Aldous calls for the Budget to include tax-cutting initiatives and extra support for the North Sea oil and gas industry which is facing very serious challenges at this time.

Peter Aldous (Waveney) (Con): I echo these points. The North sea oil and gas industry is facing very serious challenges at this time. Working with the industry and the Oil and Gas Authority, the Treasury can help to overcome the problems. May I urge the Minister to include in the Budget tax-cutting initiatives and support that build on last year’s measures and help to attract investment to this basin and to ease the worries of many very worried people?

Damian Hinds: My hon. Friend highlights the fact that many jobs supported by the sector are in England as well as in Scotland. I commend the work he has been doing with New Anglia local enterprise partnership on supporting companies that have found themselves in difficulties, working particularly on skills and so on. I assure him that we continue to listen to the industry, to the Oil and Gas Authority, to Oil and Gas UK, and to many individual companies to see what more can be done to support this vital sector.

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