Corporation tax treatment of the oil and gas industry

Part of Finance Bill – in the House of Commons at 7:30 pm on 5th September 2016.

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Photo of Phil Boswell Phil Boswell Scottish National Party, Coatbridge, Chryston and Bellshill 7:30 pm, 5th September 2016

The hon. Gentleman is being most gracious and I thank him for his time. Anna Soubry has mentioned real concerns expressed by the Japanese Government re investment in the UK. This concern was echoed when President Obama confirmed, post-EU referendum, that the EU is a much greater priority for US trade relations than the UK outside of the EU. Given US investment in oil and gas in the UK, does the right hon. Gentleman agree that this Government have had more than enough time to give the British people a definitive definition of “Brexit” and should be informing the public of urgent action they are taking now to support important industries such as the oil and gas sector?