North Sea Oil and Gas

HC Deb 22 March 1979 vol 964 c1685

17. Mr. Whitney

asked the Chancellor of the Exchequer what is the estimate of the benefit to the balance of payments of North Sea oil and gas production for the years 1978–79 and 1979–80.

Mr. Joel Barnett

The October 1978 economic progress report included estimates of the direct and identifiable contribution of the North Sea programme to the current account of the balance of payments. For 1978 and 1979, these were £3 billion and £4½ billion respectively, both at 1977 prices. At current prices, it is now estimated that the contribution for 1978 was about £3½ billion.

Mr. Whitney

When the right hon. Gentleman compares those figures with the dismal prospects for the overall balance of payments outturn, will he agree, even at this late hour, that this is a manifestation of the tragic cost and waste of a national opportunity caused by his Socialist policies?

Mr. Barnett

The only dismal prospect for the balance of payments would be if by any mischance the hon. Gentleman and his right hon. and hon. Friends were ever to come into power in this country.