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Finance (No. 2) Bill

No. It is also important that our tax regime remains relevant in a changing world. The Bill changes the tax regime for the North sea oil companies to reflect the world as it is today, while continuing to promote investment in the North sea and to ensure fairness for taxpayers. The North sea is a national resource and it is important that the United Kingdom receives an appropriate share of the economic rent from its exploitation, and of course it is also important in this area and others that the tax system does not provide artificial incentives to indulge in non-commercial tax-driven behaviour. Yesterday there was a very full debate on the importance of protecting the environment, a goal that the Government share, and measures in the Bill help to achieve that by introducing further reforms to vehicle excise duty and increasing the climate change levy in line with inflation from 1 April 2007, to encourage energy efficiency in the business sector. The Bill introduces important measures that ensure that the United Kingdom has a modern and fair tax system which keeps pace with a changing world, with incentives for individuals to work, save and invest, supporting business and individuals, while ensuring that public money is used appropriately. I commend the Bill to the House.