HC Deb 16 December 1980 vol 996 cc105-6W
Mr. Eggar

asked the Chancellor of the Exchequer what is his estimate for the financial years 1980 to 1985 of the revenues which will accrue to the Government as a result of the exploitation of the North Sea by the oil companies (a) prior to his statement to the House on Monday 24 November and (b) in the light of that statement, such estimates to be broken down by source.

Mr. Peter Rees

[pursuant to his reply, 10 December 1980]: The Treasury's July 1980 Economic Progress Report estimated Government revenues from North Sea oil and gas for 1980–81 in outturn prices as: royalties £1,090 million; PRT £2,560 million; CT £450 million; total £4,100 million. The Industry Act forecast published on 24 November is about £4 billion. I expect total Government revenues in 1981–82 from oil and gas production to be in the range of £4½ billion to 5 billion—in 1980–81 prices—of which about £900 million would be attributable to the proposals outlined in my right hon. and learned Friend's statement on 24 November. It is not the practice to disaggregate forecasts for future years. I expect forecasts for years after 1981–82 to be available around the time of the Budget.