(East Antrim) (DUP): One
way to reduce regional inequality is to encourage investment,
which creates jobs, generates tax revenue and brings
opportunities for supply chains. Does the Minister therefore
understand many people’s bewilderment at the fact that the
Scottish Government have lobbied for there to be no development
in the Cambo oilfield?
That will cost 1,000 jobs, lose the revenue from 175 billion
barrels of oil, push up oil prices, make us more dependent on
foreign supplies and create a chilling environment for
investment. Does the Minister agree that the economic madness of
the Green tail wagging the SNP dog is going to cost Scotland
dearly? What assurances can he give to the oil industry that the
UK is a place for investment?
The Chief Secretary to the Treasury ( ): The right hon.
Gentleman makes a valid point about the importance of oil and gas
to the UK economy and, of course, in particular to Scotland’s
economy. My colleagues on the Government Benches would join him
in saying it is really important that we support the success of
the North sea oil and gas industry into the future. The SNP’s
lack of support is a serious disappointment and a serious
concern. The Government are committed to supporting the
transition to net zero, but that must involve the word
“transition”, so that industry will be of importance for decades
to come.
