SNP calls for recovering oil revenues to be invested in Scotland
Reports suggest the Treasury is in line to receive around £1bn in tax revenues from the industry in the coming financial year
Image credit: Steven Straiton
The SNP has called for recovering North Sea oil and gas sector profits to be invested into Scotland, following suggestions that Oil and Gas UK is forecasting £1bn in revenues this year.
Reports in the Financial Times suggest the Treasury is in line to receive around £1bn in tax revenues from the industry in the coming financial year following a turnaround in the industry.
While the North Sea industry failed to generate any significant revenue last year, an increase in the price of Brent Crude coupled with higher production and lower costs have seen forecasts rise.
SNP MSP for Aberdeenshire East, Gillian Martin, said the reports were “further evidence of the strength of the North Sea oil and gas industry as it continues to recover from the recent downturn”.
She said: “This cash boost must not just go straight to the Treasury coffers and never be seen again by the industry or by Scottish communities.
“The oil and gas industry needs continued support from the UK government in order to protect against future downturns – and the industry should see a return on the revenue it is generating through appropriate levels of reinvestment in the sector, to protect jobs across Scotland.
“Better still, they could devolve full control over the oil and gas industry, including revenues, to Scotland – and allow the Scottish Government to take the action needed to maximise jobs and return from our energy sector.”
Exclusive interview with Paul Wheelhouse, Minister for Business, Innovation and Energy
Oil industry welcomed news that Philip Hammond will allow the tax history of oil and gas fields to be transferred after a sale, allowing buyers to claim greater relief when it comes to...
Holyrood asked five economists for their views about key questions on the Scottish economy
Environmental campaigners welcomed plans for £340m in capital funding for the National Investment Bank, while urging ministers to ensure it helps develop Scotland’s low carbon...
Vodafone today announced the commencement of trials of the world’s first air traffic control drone tracking and safety technology.
BT's Amy Lemberger argues that having the right security in place to protect your organisation is no longer just an option. It is a necessity.
Vodafone explores some of the ways IoT is significantly improving public sector service delivery