Oil

HC Deb 13 March 1986 vol 93 cc588-9W

37. Mr. Portillo

asked the Chancellor of the Exchequer whether he will make a statement on the role of oil in the United Kingdom economy.

Mr. MacGregor

Like other industrialised countries the United Kingdom is a major oil consumer. Unlike most of the other countries the United Kingdom is also an oil producer. But North sea oil and gas accounts for only 5 to 6 per cent. of national income and only 5 per cent. of our capital investment. Net oil exports make up 8 per cent. of total exports. North sea revenues constitute 8½ per cent. of total United Kingdom tax revenues. And North sea related employment represents under ½ per cent. of total United Kingdom employment.