Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 13 May 1999.
Bob Blizzard
Labour, Waveney
12:00,
13 May 1999
I thank my hon. Friend for that reply. Given the importance of the offshore oil and gas industry to our national economy—it accounts for 350,000 jobs, 5,000 contractors and 16 per cent. of total industrial investment—and given the fact that the industry is now involved in the exploitation of marginal fields, does my hon. Friend recognise that fiscal measures can play an important part in ensuring that it remains economically viable to exploit our remaining reserves over the next 30 years? Specifically, will she consider the case for capital gains tax rollover relief, as that would be a well-targeted measure that would bring forward investment; and will she look to encourage innovation such as the recommissioning of platforms, which would have great environmental benefits?