§ 11. Mr. Gordon Brownasked the Chancellor of the Exchequer how much more he expects to receive in oil revenues in the current year as a result of changes in the sterling-dollar exchange rate in 1984.
§ The Financial Secretary to the Treasury (Mr. John Moore)The autumn statement forecast of total tax take from the North sea in 1984–85 is £12 billion, £1.8 billion higher than expected earlier this year. Most of that increase is attributable to changes in the sterling-dollar exchange rate.
§ Mr. BrownWill the Minister confirm that the fall in the pound and the rise in oil revenues is the only reason why the Government can contemplate tax cuts in the next Budget? Now that the Minister has this windfall from oil revenues to spend, will he confirm that public investment of those revenues could create up to 150,000 jobs throughout this country?
§ Mr. MooreNo, Sir, I shall not confirm the premise on which the hon. Gentleman makes his point. The figures that I gave reflect one facet of many aspects of the autumn statement. One cannot take just that one facet in isolation and extrapolate such conclusions from it, as the hon. Gentleman did.
§ Mr. BlairDoes the Minister realise that, having confessed that this windfall from North sea oil has occurred, he cannot escape the language of choice and priority? When will the Government choose to make the unemployed their priority?
§ Mr. MooreThere is no confession, but there should be recognition in all parts of the House of the unbelievable bounty that the nation has received because of the successful investment, essentially by the private sector, in the North sea, and the benefits and jobs accruing from that.