§ Lord Molloy
asked Her Majesty's Government:
Whether the nation is now no longer economically dependent on oil revenues.74WA
§ The Secretary of State for Employment (Lord Young of Graffham)
The Government's economic strategy has never been based on oil revenues, though naturally the prospects for North Sea revenues are taken into account. Recent events demonstrate the value of prudent financial and economic management: the economy has taken the unprecedented fall in the oil price in its stride.