UK Treasury Committee concerned about falling UK North Sea oil revenues

The UK’s Treasury Committee said it is concerned about the ‘very significant’ downward revision of forecast North Sea oil revenues in this year’s budget, and warned this could pose a risk to overall future tax revenues.

‘We are concerned that the Treasury’s estimate at Budget 2007 is so much lower than its forecast in the 2006 Pre-Budget Report, only three months earlier,’ it said in a report on the 2007 Budget.

Forbes