§ Mr. Livsey
asked the Chancellor of the Exchequer what proportion of gross national product is represented by oil revenue as of the latest date that figures are available; and if he will make a statement.
§ Mr. Norman Lamont
It is estimated that, in 1985–86, Government revenues from oil and gas production in the United Kingdom and United Kingdom continental shelf amounted to 3¼ per cent. of gross national product. The prospects for North Sea revenues were discussed in the "Financial Statement and Budget Report" and in the Treasury press notice "Government Revenues from the North Sea" published on Budget day.