Skip to main content

Oil (Revenue Yield)

Volume 14: debated on Monday 30 November 1981

The text on this page has been created from Hansard archive content, it may contain typographical errors.

asked the Chancellor of the Exchequer what is the total Government revenue yield from oil, and what is the breakdown of this figure into petroleum revenue tax, corporation tax, royalties and supplementary petroleum duty on oil companies, petrol duty, value added tax and other relevant tax elements for each of the past five years and the projected amount for the current year.

[pursuant to his reply, 26 November 1981, c. 430.]: The information is as follows:

asked the Chancellor of the Exchequer if membership of the European monetary system exchange rate mechanism would prevent or otherwise influence decisions by the United Kingdom Government to seek to increase or decrease the exchange rate or if such decisions would require the consent of other members of the European monetary system.

[pursuant to the reply, 27 November 1981, c. 496]: If sterling were to participate in the European monetary system exchange rate mechanism, decisions on a realignment of sterling's central rate would be taken in accordance with the procedures under which the mechanism operates. These provide that the realignment of central rates will be subject to mutual agreement by all the countries participating in the mechanism.