§ 8. Mr. Flanneryasked the Chancellor of the Exchequer what was the revenue from (a) North sea oil and (b) North sea gas in 1979, 1980, 1981, 1982, 1983 and 1984 respectively.
§ Mr. HayhoeTotal tax take from North sea oil and gas production was £1.4 billion in 1979 and rose to £10.3 billion in 1984. I shall arrange for a table showing the figure for each year to be printed in the Official Report.
§ Mr. FlanneryWe have just listened to waffle from the Chancellor. Is it not unbelievable that this massive bonus to the Exchequer, which no other country in Europe has had, has been frittered away on unemployment benefit instead of being put to use to rebuild our economy? Is it not unbelievable also that the Government carry on trying to pretend that it is not their monetarist policies that first led us into, and then kept us in, the great difficulty in which we now find ourselves? Why do they not admit that having had this bonus they have failed to use it properly, that there is a downward slide and that there is only one way out of that—another Government?
§ Mr. HayhoeI am sorry that the hon. Gentleman should talk such arrant rubbish. That can be proved by looking, for example, at our overseas assets. During the time that oil revenues have been coming in we have reduced our borrowings overseas and built up our assets, in the term of this Government, from £12½ billion to £75 billion. Those are profit-bringing assets, and will bring income to this country for many years and generations ahead.
Mr. John Mark TaylorDoes my hon. Friend agree that there is a danger in overdependence on the revenue from one particular finite source? Would not the taxation policies of the Opposition lead to greater danger?
§ Mr. HayhoeI agree wholeheartedly with my hon. Friend.
Following are the figures:
Total tar take from North Sea oil and gas production £ billion 1979 1.4 1980 3.3 1981 5.9 1982 7.0 1983 8.8 1984 10.3