Westminster tax ‘inconsistency’ damaging oil and gas industry

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The SNP has welcomed comments from a leading oil and gas boss calling for a predictable tax regime to help bring about stability for the industry in the North Sea.

Oil and Gas UK boss Malcolm Webb said the UK Treasury system was “inconsistent”, “too complex” and called for more support for oil and gas exploration.

Maureen Watt, SNP MSP for Aberdeen South and North Kincardine, agreed with Mr Webb and outlined how only a Yes vote and independence will allow for Scotland to get the most out of its natural assets in the North Sea.

“Mr Webb’s comments are spot on – the UK Government has been messing about with the complex tax system in the North Sea too frequently for far too long.

“To realise the North Sea’s full potential then we need long term predictability and stability for the industry, something that the UK Government has totally failed to achieve over the years. 

“Mr Webb’s comments follow Sir Ian Wood’s report into the future of the North Sea which also highlighted that fiscal instability has been a significant problem.

“In contrast to the approach taken by the UK, the Scottish Government is clear on the need for closer co-ordination and co-operation between the industry and relevant bodies. 

“There is estimated to be up to 24 billion barrels of oil and gas still to be recovered from the North Sea, with a potential wholesale value of up-to £1.5 trillion.

“Scotland deserves better than this; only a Yes vote in the referendum on September 18 will deliver the powers needed to get the maximum benefit from Scotland’s natural resources.”

 

Image is of Maureen Watt, SNP MSP for Aberdeen South and North Kincardine.

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