Proceeding contribution from David Anderson (Labour) in the House of Commons on Tuesday, 3 May 2011. It occurred during Debate on bill and Committee of the Whole House (HC) on Finance (No. 3) Bill.

Finance (No. 3) Bill

My hon. Friend is correct. That debate went on in the Labour party for a long time long before that election. It was quite clear to the industry and to the people of this country that if they voted Labour on 1 May 1997, we would impose a windfall tax. Discussions had been going on and the companies were able to absorb the idea and plan for that. As ACCA says further:"““The sudden change in rate came as a shock to those involved in the North Sea oil industry””—" the change was not a shock in 1997, because companies had been able to prepare for it—"““and has been widely condemned as reducing the competitiveness of the UK as a target for investment””."

Secondary information

Type: Proceeding contribution
Reference: 527 c615-6
Session: 2010-12
Chamber / Committee: House of Commons chamber
Subjects: Banks Financial services Excise duties Fuels EU economic policy Exploration Economic growth Oil Pay Natural gas Public expenditure Prices Offshore industry Regulation Taxation VAT Tax yields North Sea oil Bank levy
Legislation: Finance (No. 3) Bill 2010-12
Link: View this Proceeding contribution on www.publications.parliament.uk

Finance (No. 3) Bill

Secondary information

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