Part of the debate – in the House of Commons at 9:21 pm on 29 March 2011.
Angela Eagle
Shadow Chief Secretary to the Treasury
9:21,
29 March 2011
This smash-and-grab raid on the oil companies to pay for the tax cut appears to be unravelling. Certainly, sudden changes to tax regimes without notice have big implications for investment. The Government need to pay particular attention to what the oil companies are saying, especially about their investment intentions. Having a North sea oil regime that can switch and is not set, because of the $75 a barrel oil price, which is going to change the regime again, may be particularly damaging. We will have to take a close look in Committee at how the Government intend to implement this mechanism.
The amendment of the law motion relates to the chancellor's Budget statement.
It is a general resolution laid before the House of Commons by the chancellor of the exchequer.
It enables the financial changes proposed in the Budget statement to be passed into law.
The amendment of the law is moved formally at the start of the Budget debate and, together with the Ways and Means resolutions, is voted on at the end of this debate.
