§ Mr. ÖpikTo ask the Chancellor of the Exchequer what plans he has to introduce a windfall levy on the profits of oil companies; and if he will make a statement. [140320]
§ Mr. TimmsThe Government keep all taxes under review and decisions will be made as part of the normal Budget process. In his pre-Budget statement, on 8 November 2000,Official Report, column 317, the Chancellor said that the Government were
determined not to make short-term decisions based on short-term factors. The key issue is the level of long-term investment in the North sea. This will be the approach that will guide Budget decisions in future.