Treasury written question – answered at on 31 July 2024.
Rachael Maskell
Labour/Co-operative, York Central
To ask the Chancellor of the exchequer, what her policy is on divesting North Sea oil and gas production.
Tulip Siddiq
The Economic Secretary to the Treasury
The Government is strongly committed to the net zero transition, but it is clear that North Sea oil and gas production will be with us for decades to come. The Government will manage the North Sea in a way that manages existing fields for their lifespan and does not jeopardise jobs, even as we take steps to reduce our reliance.
Transforming the financial sector so that it is aligned with net zero can be supported by companies having a transition plan that is specific to them, detailing how their business will align with net zero. This will support an orderly transition.
Yes2 people think so
No1 person thinks not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
