§ Mr. Ernie Rossasked the Chancellor of the Exchequer if he will provide a list of capital outflows from the United Kingdon as a result of North Sea oil and gas production for each year since production started.
§ Mr. Peter Rees[pursuant to his reply, of 25 February 1981, c. 365]: The only capital outflow directly associated with North Sea oil and gas production is repayment of foreign currency debt by United Kingdom companies. This flow is not separately identified. Identifiable overseas investment in the United Kingdom continental shelf has shown a net inflow. The figures are as follows:
£ millions 1973 +65 1974 +231 1975 +946 1976 +1,142 1977 +1,508 1978 +833 1979 +694 1980 (first three quarters) +611 Source: Economic Trends December 1980 page 90, and balance of Payments Pink Book 1980 page 49.
Figures for years before 1973 could only be calculated at disproportionate expense.
447WFurther discussion of the balance of payments effects of North Sea production is included in articles in the Economic Progress Report for August 1979 and the Bank of England Quarterly Bulletin for September.