Last month, alongside the Chancellor, I met oil and gas industry leaders to discuss the impact of geopolitical volatility on energy prices. The Chancellor reaffirmed her commitment to backing Britain’s oil and gas industry, recognising its pivotal role in supporting growth and jobs, especially in Scotland. The Chancellor has been clear that she wants the energy profits levy to come to an end, but the crisis in the middle east has had real-time consequences on oil and gas prices, as we can all see, and it is right that we respond to that robustly.
The oil and gas sector is a vital industry, not just in Scotland but for the whole UK. Does the Secretary of State share the disappointment of the Conservatives that the Chancellor deterred a reported £17.5 billion of private investment into the oil and gas sector by choosing to retain the energy profits levy last month? That money would have supported thousands of Scottish jobs, and delivered growth and energy security for the UK.
I respectfully point out that it was the Conservative Government who introduced the EPL. Why did they do so? They did it in order to deal with excess profits generated by a geopolitical crisis. The conflict in the middle east that we are living through at the moment makes the case for dealing with excess profits from some of the largest energy companies in the world.
The ExxonMobil plant at Mossmorran in my constituency has now ceased production, after the company said last year that it had not made a profit for five years. News that our UK Labour Government have made £9 million available to support the affected workforce and find a future for the site has been warmly welcomed by my constituents, especially in Cowdenbeath. Does the Secretary of State agree that it is in the interests of the people of Fife for the Scottish and UK Governments to work together to utilise all available funding and find a viable future that brings jobs back to the site?
May I pay generous tribute to my hon. Friend for her tireless efforts on behalf of her constituents in relation to the challenge faced by the Mossmorran workforce? She has been a powerful and consistent advocate for the workforce and for the changes that we needed to see. That is why I am proud that the UK Government have been actively marketing the site to potential investors and stand ready, as she says, to invest up to £9 million to secure a successful future for the site and support the local economy.
I am sorry that we did not get to John Lamont’s question. He is 50 today, and I believe that his parents are watching him!