Corporation tax treatment of the oil and gas industry

Part of Finance Bill – in the House of Commons at 7:18 pm on 5th September 2016.

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Photo of Rob Marris Rob Marris Labour, Wolverhampton South West 7:18 pm, 5th September 2016

I hear the hon. Lady standing up doughtily for her constituency and for the oil and gas industry in Scotland. What bemuses me is that if the independence vote had gone through, in spring 2016, Scotland would have had income of £100 billion and expenditure of £120 billion— a structural deficit of 20%. Now the hon. Lady is advocating increasing that black hole. How would she bridge that gap?