SNP calls for recovering oil revenues to be invested in Scotland

Written by Liam Kirkaldy on 5 February 2018 in News

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.”

Tags

Categories

Related Articles

Ban fossil fuel vehicles from city centres by 2030, urges Climate Emergency Response Group
26 August 2019

Climate Emergency Response Group sets out a 12-point-plan of measures aimed at keeping global temperature rises under 1.5C

Scotland must move to a low carbon economy more quickly, says Nicola Sturgeon
2 May 2019

STUC warns only 46,000 jobs had been created in the Low Carbon Renewable Energy sector, despite previous Scottish Government forecasts for 130,000 new jobs to be delivered by 2020

The High Road: The Highlands since devolution
17 April 2019

Separated from the seats of power by more than just mere geography, what has devolution done for the Highlands to close the gap?

Related Sponsored Articles

Associate feature: The age of the multi-cloud is here
7 May 2019

BT explores how to manage the risks and rewards of the cloud in their infographic guide, offering advice for ensuring that the challenges don't hold you back 

Associate feature: Balance the risk and reward of the cloud
29 April 2019

A global cloud infrastructure offers many potential benefits, but also many challenges, and every organisation’s hybrid cloud strategy is unique. BT presents practical advice on getting the most...

Associate feature: Clouds are secure, are you using them securely?
23 April 2019

BT presents a complimentary copy of Gartner's report, which highlights how, through 2022, at least 95% of cloud security failures will be the customer's fault

Share this page