HC Deb 06 December 1979 vol 975 cc603-4
14. Mr. David Price

asked the Chancellor of the Exchequer what action he proposes to take, both nationally and in conjunction with the Finance Ministers of other member States of the Organisation for Economic Co-operation and Development, to diminish the adverse economic effects of a deteriorating situation in the Middle East.

Sir Geoffrey Howe

I am in frequent contact with by counterparts abroad on the economic implications of events in the Middle East. I had the opportunity last week to meet the United States Treasury Secretary, Mr. Miller, after his visit there.

Mr. Price

Does my right hon and learned Friend agree that the Middle East position suggests at the moment a rapid increase in the OPEC price of oil and increasing political instability? Does he further agree that if action is not taken, both at home and abroad with our allies in the OECD, such a situation could be detrimental to our economic prospects?

Sir G. Howe

There are certainly factors, both economic and political, of the kind my hon. Friend described, which make it necessary for us to remain in the closest possible contact with our friends and economic partners around the world.

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