Oil Costs (EEC Loan Scheme)

HC Deb 31 October 1974 vol 880 cc7-8W

Mr. Skeet

asked the Chancellor of the Exchequer whether he intends to seek parliamentary approval of the EEC Loan Scheme involving the dispensing of some $3,000 million to ease members' oil deficits.

Mr. Dell

The Commission proposals for regulations setting out the framework of a scheme and its implementation have been deposited in the House and an explanatory memorandum is being prepared. Specific Council decisions will be required at a later stage before any individual transactions are approved. The timetable for such decisions will take account of the need for consultation with national Parliaments and, where necessary, for domestic legislation in some EEC countries.