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North Sea Oil (Nationalisation)

Volume 897: debated on Monday 4 August 1975

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asked the Secretary of State for Energy what is his up-to-date estimate of the capital cost of his proposed nationalisation of oil interests in the North Sea.

I have nothing to add to the answer which my right hon. Friend gave to the hon. Member for Mid-Sussex (Mr. Renton) on 30th June.—[Vol. 894, c. 304.]

Is the Minister aware that the pound fell by as much as one cent. this morning and that sterling will continue to fall as long as he and his right hon. and hon. Friends continue to confirm that the Government are spending thousands of millions of pounds on projects such as the nationalisation of North Sea oil?

I think that on reflection the hon. Gentleman will realise that that is wild exaggeration. He should be aware that the cost of participation after a time will be self-financing.