HC Deb 04 June 1981 vol 5 cc396-7W
18. Mr. Stoddart

asked the Chancellor of the Exchequer what is his latest estimate of the total revenue flow into the British economy from North Sea oil operations, including tax revenue to the Exchequer for the financial years 1981–82, 1982–83, 1983–84 and 1984–85.

Mr. Lawson

The Government's latest estimate of the direct contribution of North Sea oil and gas to GNP were given in the March 1981 issue of Economic Progress Report, published by the Treasury. Estimates of Government revenues from North Sea oil and gas for the years to 1983–84 are also given there. The direct contribution of oil and gas to GNP is estimated to reach 5 per cent. by 1984, and total North Sea revenues are expected to account for about 6 per cent. of total general government receipts by 1983–84.

23. Mr. Foulkes

asked the Chancellor of the Exchequer if he will give the latest estimate of all revenues from North Sea oil for the current financial year.

Mr. Brittan

The latest estimate of all Government revenues from North Sea oil and gas for 1981–82 is £5,880 million. The composition of this figure is shown in table 19 of the Financial Statement and Budget Report and its footnotes.