asked the Chancellor of the Exchequer if he will give in tabular form the trend in crude oil prices over the past 10 years down to the recently posted figure of $31·00 a barrel for the United Kingdom compared with the level of oil taxation.
The first prices for North Sea oil were available in 1975 when the first fields came on stream. The following table shows average oil price and total Government take for each fiscal year since then.
Oil price $ barrel*
| Total Government take† £ million
| |
| 1975–76 | 12·16 | 25 |
| 1976–77 | 13·40 | 81 |
| 1977–78 | 13·92 | 238 |
| 1978–79 | 14·43 | 562 |
| 1979–80 | 25·07 | 2,329 |
| 1980–81 | 36·73 | 3,891 |
| 1981–82 | 36·04 | ‡6,430 |
* Average of quarterly price. | ||
| † Includes royalties, SPD (in 1981–82), PRT (1978–79 onwards), and estimated proportion of CT attributed to North Sea oil and gas, before any ACT set off. | ||
‡This is the estimated outturn figure given in this year's FSBR.
| ||
Personal taxes
| Local rates (domestic) (GB)
| |||
£ per capita
| Percentage increase year on year
| £ per capita
| Percentage increase year on year
| |
| 1979–80 | 847 | — | 54 | — |
| 1980–81 | 993 | 17 | 71 | 30 |
| 1981–82 | 1,162 | 17 | 88 | 24 |