§ Sir David Price
asked the Chancellor of the Exchequer what is his latest estimate of the amount of revenue likely to accrue to the Exchequer during 1981–82 from the exploitation of North Sea oil; and how this compares with his estimate for the current year.
§ Mr. Peter Rees
The Industry Act forecast, published on 24 November 1980, estimated North Sea revenues at about £4 billion—in current prices—for 1980–81 and about £4½–5 billion—in 1980–81 prices—for 1981–82. A 261W provisional outturn figure for 1980–81, and a revised estimate for 1981–82, will be available at the time of the Budget.