Liam Fox says he can help oil sector avoid £500m Brexit bill

Liam Fox says he can help oil sector avoid £500m Brexit bill

International Trade Secretary Liam Fox has told oil executives that he can help the industry avoid the £500 million costs feared over Brexit.

Britian’s industry body Oil and Gas UK has said that a “no deal” Brexit could cost the industry £500 million per year in increased tariffs in a World Trade Organisation (WTO) scenario.

However, Dr Fox reassured industry executives during a visit to Aberdeen where he said he planned to replicate around 40 deals currently in place across the EU, which he was confident over following informal verbal agreements with countries involved.

During a round table event in Aberdeen, Fox said: “I was able to reassure them about the potential to rollover our current EU deals. None of the countries I have spoken to have said they didn’t want this to happen.

“If we have an implementation period that makes it easier for us and we are also looking at a more bespoke arrangement.

“There are no gas fields in central France. We’re only at the beginning of what might be an upturn, so we need to make sure we can develop our skills and get investment outside the EU.”

Conservative MP for Aberdeen South, Ross Thomson welcomed the visit and said: “Aberdeen is already a global city and we have skills and expertise in the offshore and subsea sectors that will be in demand all over the world. Leaving the EU will allow the UK to strike ambitious new trade deals that can provide a further boost for exports.”

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