David Anderson – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by David Anderson on 2016-01-29.

To ask the Secretary of State for Business, Innovation and Skills, what financial assistance is available to UK businesses in the oil industry supply chain who face financial difficulties resulting from the reduction in the price of oil.

Anna Soubry

The Government has taken steps to help reinvigorate the supply chain by stimulating more investment opportunities in the UK Continental Shelf through a £1.3bn package of tax cutting measures and £20m of new funding for a second round of seismic surveys, announced at the end of January 2016.

The government has taken forward the rapid implementation of the Wood Review and the Oil and Gas Fiscal Review, establishing the Oil and Gas Authority, and in recognition of the current economic pressures hitting the industry, has established a cross-government, Ministerial oil support group. This will look at issues such as how to support the supply chain and workers through this difficult period.

UKTI also continue to work with supply chain companies to access overseas opportunities in countries including Saudi Arabia, Kazakhstan and Mexico.