§ Mr. Skeetasked the Chancellor of the Exchequer if he will make it his policy to adjust the level of oil taxation to follow as closely as possible movements in crude oil prices.
§ Mr. WakehamAs my right hon. and learned Friend said in his Budget Statement on 9 March 1982—[Vol. 19, c. 745.]— falling oil prices reduce the revenue of oil companies but also reduce the tax they pay. More generally, it is the Government's policy that the level of North Sea taxation is related to the profitability of activity in this area.