HC Deb 24 February 1983 vol 37 cc527-8W
51. Sir David Price

asked the Chancellor of the Exchequer what effects the weakening of world oil prices will have upon the economic prospects for the United Kingdom upon which he will be basing his Budget judgment.

Sir Geoffrey Howe

The effect of lower world oil prices on the United Kingdom economy will depend on the size of the fall, the manner in which it occurs, on the policy responses of other Governments and on a whole host of other factors. However, a modest fall in world oil prices could be expected to have a favourable effect on inflation and output both here and abroad.