MP TO LOBBY TREASURY ON NORTH SEA OIL TAXATION
July 9, 2002 12:00 AM
Local MP John Thurso is this afternoon meeting with Paymaster General, Dawn Primarolo, MP, to press the Government to reconsider the proposed changes to North Sea oil taxation announced in the recent Budget. John Thurso will be joined at the meeting by North East MPs Malcolm Bruce and Sir Robert Smith.
John Thurso said:
"The Government's proposals have dealt a damaging blow to the confidence of those wanting to invest in the UK Continental Shelf by changing the tax system without any notice or consultation. The proposed 10% supplementary charge has to be abandoned if jobs are to be retained in the UK offshore oil and gas industry.
"We will be calling for the Minister to press ahead with the abolition of royalties as soon as possible. We need a firm date for abolition to reduce industry uncertainty.
There are many companies in the North that do not have the luxury of adopting a "wait and see" policy in respect of the Government's proposals. Unlike the majors, their cashflow and survival depends on orders now."
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