PSBR, Assets Sales and Oil Revenue

HC Deb 18 December 1985 vol 89 cc189-90W

Mr. Knox

asked the Chancellor of the Exchequer what was the level of (a) the public sector borrowing requirement, (b) asset sales including sales of housing and land and (c) revenue from taxes on oil production, in each year since 1978–79, as a proportion of gross domestic product.

Mr. MacGregor

The information is as follows:

Percentage of gross domestic product*
	PSBR	Asset sales†	Taxes on Oil production‡
1978–79	5.3	0.3	0.3
1979–80	4.8	0.6	1.1
1980–81	5.4	0.7	1.6
1981–82	3.3	1.0	2.5
1982–83	3.1	1.2	2.8
1983–84	3.2	1.2	2.9
1984–85	3.1	1.4	3.7

* Average estimate at current market prices.

† Including sales of housing and land.

‡ Royalties, petroleum revenue tax (including advance payments), and corporation tax from North sea oil and gas production (before advance corporation tax set off).