§ Mr. Martenasked the Chancellor of the Exchequer what proportion of our current balance of payments deficit is attributable to, (a) oil, and (b) trade with the Common Market.
§ Mr. DellThe deficit on visible trade in petroleum and petroleum products during the first nine months of 1974 totalled £2,548 million — seasonally adjusted and on a balance of payments basis—compared with a total visible trade deficit during that period of £3,823 million. Trade in oil and the activities of oil companies will also have had effects which are not separately identified on the invisible balance, principally on net earnings50W from interest, profits and dividends and from sea transport services.
Estimates of the balance of trade with the other eight members of the EEC on a balance of payments basis are so far only available for the first six months of this year. In that period the deficit on visible trade, including trade in petroleum and petroleum products, totalled £834 million, seasonally adjusted, compared with a total visible trade deficit of £2,647 million. Estimates of invisible transactions with the EEC are not available.