OPEC and OIL PRICES
UK Revenues Hit by Price Collapse
Falling oil prices are likely to reduce the UK Government's oil and gas revenues in the current financial year (ending in April 1987) by almost half, according to estimates pub- lished on 23 September by the Inland Revenue. The figures show revenues building up from £25mn in 1975-76 to a peak of £12,002mn in 1984-85, declining to an estimated £11,384mn in 1985-86 and a forecast £6,100mn in 1986-87.
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