HC Deb 03 March 1978 vol 945 cc431-2W
Mr. Hordern

asked the Chancellor of the Exchequer if he will now publish the latest projections showing the benefits of North Sea oil for the revenue, and for the balance of payments, each year until 1990 or in such form as is convenient.

Mr. Joel Barnett

The latest published forecasts in respect of revenues and balance of payment effects were set out in, respectively, the answer my right hon. Friend the Financial Secretary gave to the Member for Croydon, Central (Mr. Moore) on 21st November last—[Vol. 939, c.531]—and an article in last August's Economic Progress Report. The Government's White Paper on the benefits of

Gross earnings equivalent of increase in net income
Annual earnings Reduction in income tax (a) Annual (b) Weekly (c) As percentage of gross earnings Percentage increase in income after tax
£ £ £ £ per cent. per cent.
1. SINGLE PERSON
2,000 84.04 141.84 2.73 7.1 5.4
4,000 104.04 175.59 3.38 4.4 3.6
6,000 137.29 228.82 4.40 3.8 3.3
7,000 232.24 440.98 8.48 6.3 4.9
7,700 290.49 586.09 11.27 7.6 5.7
8,800 385.99 910.60 17.51 10.3 6.9
9,200 413.24 1,028.73 19.78 11.2 7.2
9,420 433.49 1,083.73 20.84 11.5 7.4
10,000 488.74 1,291.40 24.83 12.9 8.0
10,900 541.99 1,548.54 29.78 14.2 8.4
11,200 559.24 1,608.30 30.93 14.4 8.5
13,200 669.74 2,232.47 42.93 16.9 9.3
15,000 756.99 2,880.96 55.40 19.2 9.7
16,000 770.24 3,080.96 59.25 19.3 9.6
18,675 817.49 3,839.35 73.83 20.6 9.4
19,425 817.49 4,192.29 80.62 21.6 9.2
19,675 817.49 4,309.94 82.88 21.9 9.1
21,175 852.69 5,015.82 96.46 23.7 9.2
23,000 914.29 5,378.18 103.43 23.4 9.5
31,000 914.29 5,378.18 103.43 17.3 8.3
35,000 914.29 5,378.18 103.43 15.4 7.8
63,000 914.29 5,378.18 103.43 8.5 5.6
2. MARRIED COUPLE
2,000 134.94 227.75 4.38 11.4 80
4,000 154.94 261.50 5.03 6.5 5.2
6,000 174.94 284.48 5.47 4.7 4.1
7,000 251.44 457.16 8.79 6.5 5.2
7,700 319.49 638.98 12.29 8.3 6.1
8,800 422.99 959.35 18.45 10.9 7.3
9,200 462.99 1,109.35 21.33 121 7.8
9,420 484.99 1,191.85 22.92 12.7 8.0
10,000 536.49 1,377.83 26.50 13.8 8.5
10,900 604.24 1,699.97 32.69 15.6 9.1
11,200 624.99 1,785.69 34.34 15.9 9.2
13,200 743.49 2,478.30 47.66 18.8 10.0
15,000 846.24 3,167.96 60.92 21.1 10.6

North Sea oil will be published shortly. Any forecasts for the benefits of North Sea oil are, of course, necessarily uncertain, depending as they do on assumptions about such matters as the rate of development, costs, oil prices and sterling-dollar exchange rate.

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