§ 47. Mr. Loydenasked the Chancellor of the Exchequer what assessment he makes of the effect on United Kingdom economic prospects of a fall in oil prices and a fall in United Kingdom oil output, respectively.
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§ Mr. MacGregorEstimates of United Kindgom oil production were given by my hon. Friend the Minister of State for Energy in answer to a question from my hon. Friend the Member for Orpington (Mr. Stanbrook) at column31 17 March. These estimates suggest that any decline in oil production is likely to be gradual and therefore to exert only a very limited impact on the United Kingdom economy over the next few years. The assessment in my right hon. Friend's Budget statement of the effects of a fall in oil prices was that the level of economic activity and inflation would be, if anything, slightly better than they would have been without the fall in oil prices.