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Mrs. Ewing
To ask the Chancellor of the Exchequer if he will list the total amount of revenue which has accrued to the Treasury from the development of North sea (a) oil and (b) gas in each year since exploration and development began.
Mr. Dorrell
Revenues raised from United Kingdom oil and gas production are as follows:
£ million | |
Year | Annual revenues |
1968–69 | 1 |
1969–70 | 2 |
1970–71 | 5 |
1971–72 | 10 |
1972–73 | 15 |
1973–74 | 15 |
1974–75 | 20 |
1975–76 | 25 |
1976–77 | 81 |
1977–78 | 238 |
1978–79 | 565 |
1979–80 | 2,313 |
1980–81 | 3,743 |
1981–82 | 6,492 |
1982–83 | 7,822 |
1983–84 | 8,798 |
1984–85 | 12,035 |
1985–86 | 11,348 |
1986–87 | 4,783 |
1987–88 | 4,618 |
1988–89 | 3,168 |
1989–90 | 2,368 |
1990–91 | 2,312 |
1991–92 | 979 |
11992–93 | 1,278 |
1 provisional estimate. |
Mrs. Ewing
To ask the Chancellor of the Exchequer if he will list the number of projects which have specifically been funded by revenues from North sea oil and gas revenues in each year since tax revenues accrued from exploration and development.
Mr. Dorrell
None. It is not the policy of this Government, or any other in recent history, to hypothecate tax revenue to particular projects.