SNP Economy spokesperson, Kirsty Blackman, has
welcomed the news that revenues from North Sea oil and gas
increased by £1.434 billion in 2017-18 - and has called on the UK
government to use the Budget to deliver meaningful support for
the industry’s continued recovery.
The Statistics of Government Revenues from UK
Oil and Gas Production report, published today, reveals UK
government oil and gas revenues climbed to £1,188 million in
2017-18, up from -£316 million in 2016-17, and net Corporation
Tax (CT) revenues increased by 420% from £338 million to £1,757
million. The MP for Aberdeen North called for all revenues to be
retained in Scotland and invested here.
, SNP Westminster Deputy
Leader and Economy spokesperson, said:
“This welcome boost to revenue from North Sea
oil and gas is good news for the industry, jobs, and the
economy.
“It highlights the promising future the industry
has, and it shows just how vital it is for the UK government to
use the Budget to deliver meaningful support for continued
recovery.
“With up to 20 billion barrels of oil, the UK
government must use its reserved powers to stimulate exploration
and investment, and ensure our oil and gas sector can capitalise
on a decommissioning market that is forecast to reach £17
billion.
“The UK government broke its promises on support
after the crash – it must now ensure adequate investment for the
industry and Aberdeen’s local economy.
“The SNP government will continue to support the
sector and stand up for jobs – including through its huge
investment in the Aberdeen City Region Deal, the £90million of
funding to support the Oil & Gas Technology Centre (OGTC),
and by calling for all revenues to be retained in Scotland and
invested here."
Statistics of Government revenues from UK Oil
and Gas production (June 2018):
-
UK government oil and gas revenues climbed to
£1,188 million in 2017-18, up from -£316 million in
2016-17.
-
Net Corporation Tax (CT) revenues increased by
420% from £338 million in 2016-17 to £1,757 million in
2017-18.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/720365/Statistics_of_government_revenues_from_UK_oil_and_gas_production__June_2018_.pdf
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