§ 11. Sir William van Straubenzeeasked the Chancellor of the Exchequer what effect he calculates the current value of the pound sterling against the dollar will have in respect of oil revenues for the year 1984–85.
§ Mr. Ian StewartThe 1984 Autumn Statement forecast of total tax take from the North sea in 1984–85 is £12 billion, £1.8 billion higher than expected at the 1984 Budget. Sterling oil prices in 1984 have been much as expected at the Autumn Statement.
§ 16. Mr. Austin Mitchellasked the Chancellor of the Exchequer if he will estimate the increased tax revenue from North sea oil available to the Government for each one per cent. fall in the pound sterling against the dollar.
§ Mr. Ian StewartIn practice, the dollar oil price and value of sterling tend to move in the same direction. However, it is estimated that, other things being equal, a 1 per cent. fall in the dollar/sterling exchange rate would increase North sea revenues by about £150 million in a full year.