§ Mr. Austin Mitchellasked the Chancellor of the Exchequer (1) what effect the increase in the price and volume of North Sea oil has had on the terms of trade since 1976 in the case of (a) manufacturers, (b) foodstuffs and (c) all goods and services;
(2) what is his estimate of the likely improvement in terms of trade for (a) manufactures, (6) foodstuffs and (c) all goods and services as a result of the increase in the price and volume of North Sea oil in 1980, 1981, 1982 and 1983.
§ Mr. LawsonIt is not possible to distinguish the influence of North Sea oil from the various other influences on the terms of trade.