Rachel Reeves will sound the death knell for North Sea oil and gas unless she ditches the Energy Profits Levy in this week’s budget, the Scottish Conservatives have warned.
Shadow finance secretary Craig Hoy says it’s the single most important step for Scotland that the Chancellor can take to end Labour’s “disastrous doom loop” of high taxes and low growth.
With speculation rife that Ms Reeves will once again break her promise not to hike bills – and John Swinney also U-turning to admit tax rises are on the cards in January’s Scottish budget – the Scottish Conservatives will lead a debate on the economy at Holyrood on Wednesday.
Mr Hoy will call for a renewed focus on economic growth, to correct the “failed left-wing consensus” of Labour and the SNP who he says always opt for “hammering businesses and workers” to fund an “unsustainable benefits bill”.
Scottish Conservative shadow finance secretary Craig Hoy said: “The one non-negotiable in this budget ought to be the end of the Energy Profits Levy.
“The EPL, along with Labour’s ban on new oil and gas projects, is costing an estimated 1,000 job losses every month. Unless the Chancellor removes it, she will sound the death knell for a sector that’s on its knees and devastation for communities across the North East.
“Labour broke countless pre-election promises in last year’s brutal budget and all the signs from the chaotic Treasury briefings are that more pain is on the way in this one.
“Workers and businesses alike are paying the price for the disastrous doom loop of low growth and high taxes which both the Labour and SNP governments are trapped in.
“This failed left-wing consensus is hammering businesses and workers with ever-rising bills – especially in Scotland, where we’re the highest taxed part of the UK. It can’t continue.
“The Scottish Conservatives are focused relentlessly on growing the economy and reining in the unsustainable welfare bill. That’s the key to funding our frontline services and cutting household bills.”