§ Mr. LoughtonTo ask the Chancellor of the Exchequer what forecasts he has made of the average price of crude oil in(a) 1998–99 and (b) 1999–2000. [36777]
§ Mrs. Liddell[holding answer 30 March 1998]: Prospects for oil prices are very uncertain. But the assumption made for the public finances projections in the March "Financial Statement and Budget Report" is that the oil price (Brent crude) is flat at $14½ per barrel in 1998, and constant in real term thereafter.