§ Mr. Ralph Howell
asked the Secretary of State for Trade what was the total net cost of imports to the British balance of payments in 1973 and 1974.
§ Mr. Deakins
The deficit on trade in oil—i.e., petroleum and petroleum products—measured on a balance of payments basis was £943 million in 1973 and £3,491 million in 1974. More detailed information can be obtained from Table 9 of the Press notice "The Current Account of the United Kingdom Balance of Payments" for December 1974, which was published on 15th January 1975.