Finance (No. 3) Bill

No, because I wish to make progress and reach the end of my remarks. The final amendments in the group would delay implementation. The only purpose of that—this relates to the intervention from the hon. Member for Coventry North West (Mr Robinson)—would be to use the time to negotiate and decide whether or not we could come up with a slightly more sophisticated mechanism to meet the needs of the industry. The amendments, taken together or in part, set the framework for the sort of concerns that the industry has and how it would like to engage with the Government. The one comment that everybody I have spoken to in the industry has made to me in the past week or two is, ““Whatever else you do, can you just persuade the Government that we need to talk to each other? If we do that, we have a fair chance of getting a settlement that will not prejudice too much investment.”” Ministers will notice that the rhetoric has calmed down on the oil and gas industry's side, because people there actually want to talk. I hope that the Government will acknowledge that this is a real concern for a substantial industry. I hope that they will also acknowledge that if it can be demonstrated that there has been negotiation, although it will not completely wipe out the shock of a sudden increase, it will, I think, show that the Government are serious in understanding that this is our biggest industry, that it has huge potential and that it still has a big future in this country. It is important that the Government back up the Budget's rhetoric by saying that we are open for business, we want to encourage investment and we understand that the tax regime is relevant. The Government will accept, after all, that we are keen to encourage other new industries to develop in the UK, such as those that provide renewable energy, and they need to know that whatever the price regime or tax regime to which they are being committed, it will have predictability and stability in the long term. I accept that the Government have made this decision, but I urge them to engage constructively with the industry. If they do, the whole country will benefit.