§ Mr. Deakinsasked the Chancellor of the Exchequer if he has made any assessment of the impact of North sea oil and gas on the United Kingdom economy and on United Kingdom economic performance in relation to other Organisation of Economic Co-operation and Development countries; and if he will make a statement.
§ Mr. MacGregorThe United Kingdom economy benefits significantly from North sea oil and gas; the direct contribution to GNP was worth about 5 per cent. in 1985, and both Government revenues and the balance of payments have been strengthened. It has also enabled the United Kingdom to build up overseas assets which will yield continuing benefits as oil production declines.