§ Mr. David YoungTo ask the Chancellor of the Exchequer if he will estimate the profits likely to accrue to the oil industry in the North sea arising from the increased price of oil.
§ Mr. Mellor[holding answer 17 December 1990]: Profits accruing to the oil industry in the North sea depend on many factors and it is not possible at this stage to assess the effect of higher oil prices with precision. However, in terms of broad magnitude the increase in net of tax profits in the second half of 1990 may be around £3/4 billion.