§ Mr. SalmondTo ask the Chancellor of the Exchequer what assessment the Treasury made of the possible jobs impact of the Budget oil taxation changes; if he will publish details of the impact assessment; and if he will make a statement.
§ Mr. DorrellThe Budget tax proposals increase the post-tax costs and increase the post-tax profits that would have been subject to PRT. The effect on jobs depends on the extent to which companies would have been deterred from worthwhile investment by the current levels of taxation, or have planned more exploration and appraisal activity than is economically justified.
747WThe Government expect little net effect on employment levels as a result of the proposed PRT changes.