§ Mr. Skeetasked the Chancellor of the Exchequer what percentage of North Sea revenue to date has been applied (a) to sustain current living in the United Kingdom and (b) to revitalising British industry; and whether he will consider the establishment of a separate account so that the proceeds from North Sea taxes do not become inextricably mixed with other revenue.
§ Mr. LawsonBy 31 March 1979, total revenue from the North Sea amounted to £936 million. It is not possible to hypothecate this sum retrospectively. I consider that the creation of a separate account for the administration of North Sea revenues would be of little practical value.