§ Mr. MilburnTo ask the Chancellor of the Exchequer what estimate he has made of the cumulative total for Government revenues from oil and gas production from 1979–80 to 1996–97 expressed in 1996–97 prices. [7821]
§ Mr. Waldegrave[holding answer 6 December 1996]: Using the Budget forecasts of North sea tax revenues and the GDP deflator in 1996–97, the cumulative total for Government revenues from oil and gas production from 1979–80 to 1996–97 expressed in 1996–97 prices is £125 billion. This represents about 1.75 per cent. of general Government receipts over the period.