§ Mr. David Mitchellasked the Chancellor of the Exchequer if he will publish in the Official Report the balance of payments surpluses or deficits for the past three years and the anticipated outturn for 1978, together with the contribution to the balance of payments of North Sea oil for the past three years and the anticipated contribution over the next seven years, and the amount of overseas debt due for repayment in each of the next seven years.
§ Mr. HealeyThe information is as follows:
absence of North Sea oil and the estimates in the article must be viewed in that light. It was assumed for the calculations that the exchange rate and the level of domestic activity would be the same, either with the oil or without it. The estimate was as follows, with the figures for 1975 to 1977 converted to current prices and those for 1978 onwards converted to 1977 prices:
including vehicle excise duty of (a) 9 per cent. and (b) 12 per cent.
§ Mr. Robert SheldonAssuming implementation on 1st June 1978, a 9 per cent. increase in all the specific duties including vehicle excise duty, would yield £415 537W million in 1978–79 and £520 million in a full year. A 12 per cent. increase would yield £550 million and £690 million respectively.