§ Mr. John Moore
asked the Chancellor of the Exchequer what changes in the revenue estimates he has made, for the calendar year 1978, caused by the drop in price of North Sea oil and the upward floating of the pound, which has been estimated as likely to produce a fall in the value of the expected 65 million tons production in 1978 of roughly £650 million.
§ Mr. Joel Barnett
The estimated yield of petroleum revenue tax in 1978–79 has 443W just been published for the first time in the Financial Statement and Budget Report. It reflects the recent drop in oil prices and recent changes in the external value of the pound.