§ 8. Sir J. Langford-Holtasked the Secretary of State for Trade what is the balance of payments figure for 1977 excluding North Sea oil.
§ Mr. MeacherIn view of the uncertainty about what would have happened to the United Kingdom economy in the absence of North Sea oil it is not possible to make other than a rough assessment of the impact on the visible trade balance. North Sea oil production in 1977 was valued at around £2 billion, and the effect on visible trade is likely to have been of this broad order of magnitude.