Mr. Robert AinsworthTo ask the Chancellor of the Exchequer what will be the cumulative total for Government revenues from oil and gas production from 1979–80 to 1996–97 expressed in 1995–96 prices. [36286]
§ Mr. JackTotal receipts of taxes and royalties from North sea oil and gas production are estimated to be about £130 billion from 1979–80 to 1996–97, at 1995–96 prices—measured by the GDP deflator. The summer economic forecast projects North sea tax and royalty receipts of £3.2 billion, and an increase in the GDP deflator of 2¼ per cent., in 1996–97.