§ 21. Mr. W. Hamilton
asked the Chancellor of the Exchequer what estimated increase in the hydrocarbon oil revenue will result from the closure of the Scottish shale oil industry.
§ Mr. Hamilton
Does the hon. Gentleman think that the financial gain more than offsets the social disadvantages arising from the consequent closure of the shale oil mining industry together with the resultant closures of the coal mines associated with that industry? Does not he consider the social consequences of his action much more important than the financial advantages which he might derive?
§ Sir E. Boyle
As the hon. Gentleman knows, this is not purely a revenue matter. The eventual withdrawal of the duty preference in 1964 will be dictated by our international obligations under the E.F.T.A. Convention. We have debated this matter on many occasions during the passage of the Finance Bill, and I think that the House can fairly feel that it has taken a decision on it.