§ 21. Mr. Ray PowellTo ask the Chancellor of the Exchequer what he estimates the total increase in tax accruing to the Exchequer has been as a result of oil prices since the start of the Gulf crisis.
§ Mr. MellorOther things being equal, the oil price rise would increase Government revenues by about £1 billion, spread between this financial year and next. However, North sea revenues in 1990–91 are now forecast to be lower than envisaged in the 1990 FSBR, because of lower than anticipated production and higher than anticipated expenditure by the oil companies on development, safety and maintenance.