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Government must re-engage with oil and gas industry

January 25, 2012 10:21 AM
Originally published by Scottish Liberal Democrats

Sir Robert Smith, Liberal Democrat MP for West Aberdeenshire and Kincardine, yesterday sought confirmation from the Treasury that constructive talks were continuing between the Government and the Oil and Gas Industry about taxation of the industry and that lessons had been learnt after last year's damaging rise in taxation.

Sir Robert Smith MPSir Robert Smith MPSpeaking in the House of Commons, Sir Robert, asked the Financial Secretary to the Treasury, Chloe Smith MP, what lessons the Government had learnt from speaking to Industry. He was assured by the Minister that talks were continuing with the Industry and the Government wants to understand the challenges facing the industry.

Sir Robert said: -
"I am encouraged that the Government is now engaging with the Industry. Following on from last year's ill conceived increase in taxation on the Oil and Gas Industry, it is important that the Government now acts to restore faith. With the recent publication of a report that Aberdeen and Aberdeenshire is one of the areas contributing most to the UK economy, it is essential that the Government now acts to ensure that companies are able to continue to invest in the region."

Sir Robert has repeatedly spoken out on the need for Government to re-engage with the Oil and Gas Industry and has met with Government ministers to explain the importance of establishing a tax regime that will allow the Industry to flourish, in the process creating even more jobs and attracting even more investment in Aberdeen, in Scotland and across the UK.