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<p>The independent Office for Budget Responsibility (OBR) published forecasts for
oil and gas revenues in the December 2014 Economic and Financial Outlook. The report
shows that these tax receipts are expected to be £15.8bn over the forecast period.
The March 2015 forecast will incorporate the impact of recent changes in the oil price.</p><p>
</p><p> </p><p> </p><p>The global fall in oil prices should provide a boost to the
economy and support UK and global growth. Falling oil prices contributed to annual
CPI inflation of 1.0 per cent in November, the lowest level of inflation in 12 years,
and reductions in petrol and diesel prices, which are now at their lowest levels since
September 2010. On 5th January 2015, diesel was down 18.28p/l on its July 2014 peak,
at 117.93p/l, and petrol down 20.05p/l at 111.06p/l.</p><p> </p>
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