	u k oil revenue forecast to fall in the u k government forecasts that oil revenues will fall to four billion stg in the fiscal year from billion in and billion in the forecast came in the treasury s financial statement and budget report issued after the chancellor of the exchequer nigel lawson s annual budget statement to parliament the government is assuming the price of oil will average dlrs a barrel in line with its earlier forecasts and its oil revenue calculation is based on an exchange rate remaining close to current levels the treasury document said the treasury said the oil revenue shortfall will reflect the oil price fall of as north sea corporation tax is paid after a time lag the statement calculated that a one dlr a barrel difference in oil prices this year will change revenue by about mln stg for the current fiscal year and mln stg in a full year oil production is forecast to fall slightly in according to the statement a change in one mln tonnes in production would alter revenue by about mln stg in and mln stg in a full year it added total general government receipts for are now estimated to be billion stg billion more than the budget forecasts and above the autumn statement forecasts despite a shortfall of billlion in oil receipts additional non north sea corporation tax of billion stg and vat of mln stg account for the bulk of the overshoot total general government receipts were forecast to rise to billion stg in fiscal and among the main items besides diminishing oil revenues were projected income tax of billion stg up from billion in the current year non north sea corporation tax is forecast to bring in billion stg in after the revised billion in and vat revenue should amount to billion compared with upwardly revised estimated billion this fiscal year the general government expenditure for the coming fiscal year is expected to total billion stg up from a revised billion in the current year a repayment of mln on public corporations market and overseas borrowings is forecast to bring the total public sector borrowing requirement down to billion stg in from this year s revised billion the treasury said reuter 
