Offshore Industry: Finance

HM Treasury written question – answered on 17th November 2015.

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Photo of Grahame Morris Grahame Morris Opposition Whip (Commons)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of fiscal support for the offshore oil and gas sector on (a) employment and (b) pay rates in that sector since 2010-11.

Photo of Damian Hinds Damian Hinds The Exchequer Secretary

The government is committed to maximising the benefits of the UK’s oil and gas resources for the UK economy - the oil and gas industry is the UK’s largest industrial investor, supporting hundreds of thousands of jobs, supplying a large portion of the UK’s primary energy needs and making a significant contribution to GDP.

The government has taken action as part of our plan to reform the fiscal regime to make it an attractive destination for investment and safeguard the long-term future of this vital national asset. In the March Budget, the government announced a £1.3 billion package of measures which are expected to deliver over £4 billion of additional investment, supporting jobs and supply chain opportunities, and increase production by 15% by 2019-20, the equivalent of 0.1% of GDP.

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