§ Mr. Biffenasked the Chancellor of the Exchequer if he will tabulate the estimated Government revenues from North Sea oil and gas and the estimated public sector debts interest payments for the years 1977–78, 1978–79 and 1979–80, taking account of the latest levels of both North Sea production and interest rates.
§ Mr. Joel BarnettThe Government revenue from North Sea oil and gas depends on a number of factors which cannot be precisely estimated for particular future years. On the basis of 1975 prices, current tax policy, and the latest published production forecasts in the 1976 Department of Energy Brown Book, the combined yield from royalties, petroleum revenue tax and corporation tax to the end of 1980 is expected to be in the region of £3,500 million. Estimates of public sector debts interest payments, at 1975 Survey prices, for the financial years 1977–78 to 1979–80 were published in the White Paper, Public Expenditure to 1979–80—Cmnd. 6393.