Finance (No. 3) Bill

I agree wholeheartedly with the hon. Lady. I would love that manufacturing to take place in my constituency, but it is not to be there, I hope it is in hers. Finally, there will be a time lag before investment in offshore renewables results in electricity coming on stream. Until that happens, the gap needs to be plugged so that the nation's lights do not go out. That could be achieved by making the best and full use of our national oil and gas assets in the North sea, thereby providing a triple dividend of more jobs, additional income for the Exchequer and improved energy security. I request that the Government look closely in Committee at their proposed tax increase and that they address two issues. First, smaller oil companies should not be discouraged from making investments in marginal fields. Secondly, there should be a different taxation regime for gas to reflect the differences between the oil and gas sectors and the lower profitability of gas. The Bill has a great deal to commend it, but it contains a fundamental flaw that I urge the Government to address.