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178820

registered interest
date	10/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 3 February 2015 to Question 221932, what estimate he has made of the number of redundancies in the offshore drilling sector since the introduction of the Investment Allowance.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	224045
answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>The government understands the challenges currently facing the UK oil and gas industry and is following developments in the North Sea closely.</p><p> </p><p>The Investment Allowance rewards companies investing in the long-term future of the basin – at all stages of the investment life cycle – and we would expect it to significantly reduce the effective tax rate for companies investing in the UK Continental Shelf.</p><p> </p><p> </p><p> </p><p>Work on the design of the new Investment Allowance has been progressing rapidly since December - the government published a consultation document on its proposals on 22 January.</p><p> </p><p> </p><p> </p><p>The government recognises the importance of the industry to local economies and as an employer. The report published by the Department for Business, Innovation and Skills, in partnership with Oil and Gas UK and OPITO (the Offshore Petroleum Industry Training Organisation) in December, “Fuelling the next generation: A study of the UK upstream oil and gas workforce” highlighted both the sector’s current contribution to employment and its future potential. The government will continue to work closely with industry through the Oil and Gas Industry Council and with the newly-formed Scottish Energy Jobs Taskforce to support jobs in the sector, develop the industry’s skills base and make sure this potential is realised.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 25/02/2015 16:59:44 answering member 4066 label Biography information for Priti Patel
tabling member	4122 label Biography information for Alex Cunningham

178824

registered interest
date	10/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 February 2015 to Question 221932, when the Joint Oil and Gas Industrial Strategy was published; what discussions he has had regarding the Strategy with his ministerial colleagues in the Department for Business, Innovation and Skills since the fall in international oil prices; and what updates his Department has proposed to the Strategy since July 2014.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	224043
answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>Actions on fiscal matters fall under the responsibility of HM Treasury (as stated in the industrial strategy) and these actions are taken forward in collaboration with the Oil and Gas Fiscal Forum. The Forum is separate from the Oil and Gas Industry Council, who have responsibility for the Oil and Gas Industrial Strategy, in partnership with BIS.</p><p> </p><p> </p><p> </p><p>The Oil and Gas Industrial Strategy is kept under review by the Oil and Gas Industry Council. The Council met in November 2014 and is due to meet next in March 2015.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 25/02/2015 16:59:28 answering member 4066 label Biography information for Priti Patel
tabling member	4122 label Biography information for Alex Cunningham

178825

registered interest
date	10/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 February 2015 to Question 221932, what estimate he has made of the effect of the reduction in the rate of Supplementary Charge on levels of (a) employment, (b) exploration activity, (c) infrastructure maintenance and (d) decommissioning in the offshore oil and gas industry to date.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	224042
answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>The government recognises the importance of the UK oil and gas industry and its contribution to energy security and the UK economy. We are committed to the future of the industry and creating the right conditions to maximise economic recovery.</p><p> </p><p> </p><p>At Autumn Statement, the government published a radical plan for the future of the oil and gas fiscal regime and set out a package of measures, including the reduction in the rate of the Supplementary Charge, to tackle the fiscal challenges and ensure the UKCS continues to attract investment, simplify the current system, and remove barriers at all stages of the production life cycle. The package is expected to drive around £7bn of additional investment and 350m barrels of oil equivalent production.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 25/02/2015 16:59:13 answering member 4066 label Biography information for Priti Patel
tabling member	4122 label Biography information for Alex Cunningham