Labour leader Jeremy Corbyn has suggested that he would order a broad review of North Sea oil and gas taxes if he becomes the next UK prime minister, with changes to be focused on boosting jobs, skills and investment.
Corbyn took the opportunity at the Press and Journal at Scotland’s Labour conference in Dundee to admit that the UK had been wrong not to establish a wealth fund, similar to that of Norway.
When asked about a potential tax review if he were to succeed Theresa May as prime minister, Corbyn said: “I would look very carefully at tax changes that make sure you don’t subsidise the destruction of the industry but instead that any tax changes are linked to training, are linked to investment, are linked to the development of new industries and research into high-quality products and techniques for the future.”
He also said that countries with large amounts of natural resources should create a sovereign wealth fund for its future.
The Labour leader said: “What we suggest to any other country with large amount of highly profitable natural resources is create a sovereign wealth fund that’s there for the future and there for all time.
“Look at the success of the Norwegian sovereign wealth fund compared to ours – well it’s not very difficult, is it? So I think it was a mistake there historically.”