§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his estimate of(a) the current yield in tax on indigenous oil production of an increase of one dollar per barrel and (b) the increase in cost to the United Kingdom economy as a result of that increase.
§ Mr. MaplesIt is estimated that the extra North sea tax receipts from a sustained increase in the oil price of 1 dollar per barrel would yield about £0.2 billion in a full year assuming no change in the exchange rate or in company spending in the North sea. A rise in the price of oil can be expected to lead to somewhat higher inflation and slower growth, in the short term. However, sound fiscal and monetary policies should help guard against any sustained adverse effect on inflation or economic growth.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his estimate of the yield from a tax of712W 1p per litre on all oil fuels and of an additional 20p on a gallon of (a) petrol and (b) diesel on top of the present price.
§ Mr. RyderThe yield from a tax change on road fuels can be calculated from the tax revenue ready reckoner table published in chapter 4 of the "Autumn Statement".