North Sea Oil and Gas

HC Deb 20 October 1976 vol 917 cc468-9W

Mr. Ted Fletcher

asked the Chancellor of the Exchequer what is his estimate of the income to the Exchequer from North Sea oil in 1980; and what effect he estimates it will have on the balance of payments in that year.

Mr. Joel Barnett

An estimate of Government revenues from North Sea oil was given in the answer to the hon. Member for Ayrshire South (Mr. Biffen) on 18th October—[Vol. 917, c.336.] The latest published estimates for the potential effects of the North Sea oil programmes on the United Kingdom balance of payments were published in the Treasury's "Economic Progress Report", No. 76 of July 1976, a copy of which is in the Library.