UK Parliament / Open data

Energy Bill [Lords]

There absolutely has to be that support. We have seen the tax intake from the North sea fall off a cliff. I cannot recall the exact figures, but I seem to recall that about £20 billion is set aside to deal with this rush to decommissioning, if it occurs. That is a future liability at the moment, but if the liability were to appear on the left of the sheet, the Treasury would be dealing with a double-whammy; it would not only be losing the income, but it would suddenly be liable for expenditure at an earlier stage. The real significant event in that regard will take place not tonight but on Wednesday, when the Chancellor comes forward with his Budget. The Minister and the Secretary of State will doubtless have heard the measured and well-thought-out requests from Oil & Gas UK, and I trust that even at this stage they will be using all their influence in government to ensure that as many of these requests as possible are delivered when the Chancellor stands up.

The right hon. Member for Doncaster North (Edward Miliband) spoke to his new clause 11, and he has been absolutely right in how he has brought it forward. It is

measured and it future-proofs the commitments. Given the substantial commitment the Secretary of State showed in relation to the Paris negotiations, it would be a suitable way for this House to give that commitment some legislative heft.

About this proceeding contribution

Reference

607 cc715-6 

Session

2015-16

Chamber / Committee

House of Commons chamber
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