§ Mr. Austin Mitchellasked the Secretary of State for Energy what is his estimate of the Government take as a percentage of the price of North Sea oil in each of the years 1981 to 1985; and by how much the percentage would increase in the current year if the price of oil rose by 50 per cent. on 1 July.
§ Mr. GrayI refer the hon. Member to the estimates of revenue receipts from oil and gas given by my right hon. and learned Friend the Chancellor of the Exchequer to the hon. Member for Batley and Morley (Mr. Woolmer) on 23 April 1980. These receipts represent 40 per cent. of the corresponding estimates of oil and gas sales in the current financial year, a proportion rising to around 50 per cent. by 1983–84. Estimates of the effect of a 50 per cent. rise in the price of oil on 1 July could not be made except at the cost of disproportionate time and effort.