§ Mr. Deakinsasked the Chancellor of the Exchequer when he anticipates that Government revenues from all taxes on North sea oil and gas will begin to decline (i) in cash terms and (ii) in real terms on the basis of present estimates of North sea oil and gas reserves.
§ Mr. MooreTable 2.5 of the 1984–85 Financial Statement and Budget Report (FSBR) indicated that total tax take from North Sea oil and gas production was expected to fall in 1985–86, in cash terms, from a peak in 1984–85. On the basis of the gross domestic product deflator in table 5.5 of the FSBR, 1984–85 was expected to be a peak year in real terms also.