Extract from Commons urgent question on North Sea Oil and Gas Producers: Investment Allowances - June 6

Sir Stephen Timms (East Ham) (Lab): It has been reported that this concession will deliver an additional subsidy of £200 million to Shell for its development of the Jackdaw field, which was going to go ahead anyway. How can that be justified?

The Financial Secretary to the Treasury (Lucy Frazer): The investment relief should not be available for investments that are deadweight. It should be for new investments. However, I am happy to look into the point that the right hon. Member has made.