Potential benefits to the Scottish Economy of the Planned Energy Research and of the Diversification of the Offshore Oil and Gas Industry

As an amendment to motion S1M-03155 in the name of Lewis Macdonald (Potential Benefits to the Scottish Economy of the Planned Energy Research Institute and of the Diversification of the Offshore Oil and Gas Industry), insert at end “but is deeply concerned by the potential economic impact of the Chancellor of the Exchequer’s recent announcement of a 10% increase in taxation on the North Sea oil and gas industry; is further concerned that this announcement, without any consultation or published assessment of the potential impact it will have on jobs and sustainable investment in the sector, could jeopardise employment levels, the survival of many companies involved in servicing and contracting to the industry, and the future success of a vital Scottish industry which in turn could place at risk any plans for effective and sustainable diversification, and therefore calls for a moratorium on the imposition of this tax until a full assessment is made, and published, of the sectoral and overall economic impact it will have including its impact on investment in diversification.”