HC Deb 15 November 1979 vol 973 cc761-2W
Mr. Austin Mitchell

asked the Chancellor of the Exchequer what has been the effect of North Sea oil and gas on (a) the balance of payments, (b) the exchange rate, (c) the imports and exports of manufactures and (d) the import or export of equipment and technology for oil and gas production and exploration for 1977 and 1978.

Mr. Lawson

The information which is available is as follows:

£ billion current prices
1977 1978
Direct contribution of oil and gas to the balance for official financing 4.3 4.6
Net imports of goods and services directly for the North Sea programme 1.2 0.7

An explanation of how these figures are derived, and some more detailed information, is given in the United Kingdom "Balance of Payments" 1979 edition—the "Pink Book"—the Treasury's "Economic Progress Report" for August 1979 and the Bank of England Quarterly Bulletin for September 1979.

It is not possible to say what the effect of North Sea oil and gas on the exchange rate or on imports and exports of manufactures has been. Many other factors have affected the exchange rate and trade in manufactures and it is not possible to distinguish the various separate influences.