§ 26. Mr. Heddleasked the Chancellor of the Exchequer what was the total net revenue received by the Government from North Sea oil in the last year; and what estimate of net revenue at 1981 prices is made for each year to 1985.
§ Mr. Peter ReesTotal Government royalty and tax receipts from North Sea oil and gas for the last full year (1979–80) were £2,229 million at outturn prices, after setting off about £40 million advance corporation tax. Estimates for the current year and 1981–82—£4 billion and £4½ billion to £5 billion respectively, both at 1980–81 prices—were given in the Industry Act forecast in November; revised estimates will be given at the time of the Budget.