§ Mr. Skeetasked the Chancellor of the Exchequer what effect the decline in the value of the £ sterling against the dollar has had on revenue from petroleum in the last 12 months.
§ Mr. Peter ReesThe effect has been relatively small because Government receipts of revenues in the last 12 months from North Sea oil and gas production have been largely determined by profits up to the end of 1980, before the start of the recent decline in the value of sterling.