HC Deb 13 February 1979 vol 962 cc509-11W
Mr. George Gardiner

asked the Chancellor of the Exchequer (1) if he will give (a) the total balance of payments, current account, surplus or deficit from July 1970 to February 1974, inclusive, and March 1974 to December 1978, inclusive, and (b) the contribution of North Sea oil and gas exploitation to the balance of payments for the same periods;

(2) if he will give (a) the current account balance of payments for every quarter since 1970 and (b) the contribution to the current account balance of payments of North Sea oil and gas exploitation in every quarter since 1970 if the information is available, or in every year since 1970.

Mr. Joel Barnett

, pursuant to the replies by the Chancellor of the Exchequer [Official Report, 9 February 1979; Vol. 962, c. 342], gave the following information:

The table below shows such information as is available. The estimates for the North Sea cover only the most direct and identifiable contributions to the current account. These estimates are consistent with those presented in an article in the October 1978 issue of Economic Progress Report. A copy of that article, which explains the methodology adopted, is available in the Library. No estimates for the North Sea contribution are available before 1973; and quarterly estimates are available only for 1977 and the first Endangered Species (Prosecutions) three quarters of 1978.

£ billion, current prices Direct
Period Current account North Sea contribution
1970
1 … … … +0.3
2 … … … +0.1
3 … … … +0.1
4 … … … +0.2
Total … … +0.7 N/A
1971
1 … … … +0.2
2 … … … +0.3
3 … … … +0.4
4 … … … +0.2
Total … … +1.1 N/A
1972
1 … … … +0.1
2 … … … +0.1
3 … … … −0.1
4 … … … —
Total … … +0.1 N/A
1973
1 … … … −0.2
2 … … … −0.1
3 … … … −0.3
4 … … … −0.4
Total … … −0.4 +0.2
1974
1 … … … −0.8
2 … … … −0.9
3 … … … −0.9
4 … … … −1.0
Total … … −3.6 +0.9
1975
1 … … … −0.6
2 … … … −0.4
3 … … … −0.7
4 … … … −0.2
Total … … −1.9 +0.6
1976
1 … … … −0.1
2 … … … −0.3
3 … … … −0.4
4 … … … −3.3
Total … … −1.1 +1.3
1977
1 … … … −0.5 +1.0
2 … … … −0.3 +0.4
3 … … … −0.6 +0.6
4 … … … −3.6 +0.9
Total … … +0.4 +2.9

£ billion, current prices Direct
Period Current account North Sea contribution
1978
1 … … … −0.4 +1.2
2 … … … +0.1 +0.9
3 … … … — +0.8
4 … … … +0.4 N/A
Total … … +0.1 N/A

Note: All current account figures are seasonably adjusted. The quarterly figures for the contribution by North Sea oil and gas are not seasonably dusted.

From Q3 1970 to 01 1974 inclusive, the current account was in deficit by £0.3 billion, and from 02 1974 to Q3 1978 inclusive it was in deficit by £5.7 billion. Because quarterly figures are not available before 1977, it is not possible to provide similar figures for the North Sea contribution.