HL Deb 13 May 1986 vol 474 c1132WA
Lord Ezra

asked Her Majesty's Government:

Whether they are contemplating a change in fiscal policy in relation to oil operations in the North Sea so as to counteract the reduction in exploration and development.

The Secretary of State for Employment (Lord Young of Graffham)

As my right honourable friend explained in another place, the tax system relating to North Sea oil operators is highly sensitive to change in the oil price. In particular the system already gives very full and immediate reliefs for exploration. The Government therefore do not believe that any change is needed. We shall, however, continue to monitor the situation closely, and keep in contact with the industry.