OIL AND GAS REVENUES

That this House believes that successive governments have failed to achieve the best revenue returns from UK oil and gas production; points out that in the four years from 2008 to 2011 the UK take in sterling equivalent was £39.94 billion, whereas if the production companies had been taxed at the rate imposed by Denmark the return would have been £32.37 billion greater, and at the levy imposed by Norway £38.59 billion greater; notes that Denmark and Norway also operate in North Sea fields; further notes that those two countries are dealing with the same oil companies as the UK; regrets the missing revenues, which could have done much to ameliorate the savage welfare cuts; and urges the Government to implement tax policies similar to the Danish and Norwegian examples so that HM Treasury is substantially boosted and the economic excuse for further cuts is exposed as a fraud.