NORTH SEA FISCAL REGIME

Early day motion 869A1, tabled 11 March 1998 by Lord Bruce of Bennachie (Liberal Democrat). Signed by 12 members.

leave out from 'House' to end and add 'notes with concern that the United Kingdom offshore oil and gas industry is facing fierce international competition for investment against a background of a high cost environment and an historically very low oil price; believes that an adverse change in the fiscal regime will damage confidence and could lead to diversion of resources to major new development opportunities in low cost environments such as the former Soviet Union and is, therefore, surprised that Labour honourable Members, especially from Scotland, are apparently unaware of the changed economic environment and threat to over one third of a million jobs - many of them in Scotland - if the Government introduces a new windfall tax on the UK oil and gas industry; and concludes that they are happy to reinforce the collapse of their party's support in Scotland, including the oil capital, Aberdeen, where they recently suffered a heavy defeat in a local by-election at the hands of the Liberal Democrats.'.

Signatures by party: Liberal Democrat 12.