Regional Economic Growth

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 28th November 2017.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 12:00 am, 28th November 2017

I am absolutely happy to agree with my hon. Friend. The North sea as a basin is coming towards the end of its life, but none the less there are many billions of barrels of oil to be exploited there, involving very large amounts of economic activity in the region and potentially significant receipts to the Treasury. The measure that we have taken will stimulate economic growth in the region and, if all goes well, generate a windfall to the UK Exchequer.