§ Mr. DalyellTo ask the President of the Board of Trade if he will make a statement on the financial consequences to the British economy of United Nations sanctions against Libya.
§ Mr. NeedhamThe adoption of the UN arms embargo under Security Council resolution 748 had no financial consequences for exports of military goods to Libya as trade in military goods to Libya has been subject to an EC embargo since 1986.
It is too early to put a figure on the losses that have arisen due to the embargo on the export of aircraft and aircraft components to Libya. The United Kingdom's total exports to Libya were worth £255.7 million in 1991 —10.7 per cent. of total Libyan imports. Only a small proportion—£16.3 million, or approximately 6 per cent. —fall within the scope of current sanctions.