Hydro-Carbon Oils (Excise Duty)

HC Deb 08 April 1971 vol 815 cc282-3W

Mr. Trew

asked the Chancellor of the Exchequer what is his estimate of the amount of the excise duty on hydrocarbon oils which is borne by exports.

Mr. Higgins

Probably about 10 per cent. of the total yield from the duty on hydrocarbon oils—which is estimated at £1,460 million in 1971–72—is borne indirectly by exports.

Mr. Trew

asked the Chancellor of the Exchequer what is his estimate of the effect on the cost-of-living index on successive increases in the excise duty on hydrocarbon oils since 1964.

Mr. Higgins

It is estimated that the increases in the duty on hydrocarbon oils since 1964 have had a direct effect on the retail price index of about 1 point and an additional indirect effect of about 0.7 point, representing 0.7 per cent. and 0.5 per cent. respectively of the current level of the index.