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4.
Sir J. Langford-Holt
asked the Secretary of State for Trade what were the balance of payments figures for each of the last five months, excluding British-produced oil figures and assuming a level of oil imports equivalent to 1976 levels.
Mr. Meacher
The figures are:
| ESTIMATES OF "OIL-ADJUSTED" VISIBLE BALANCE (BOP BASIS)* | |
| £ million, | |
| 1977 | Seasonally adjusted |
| May | —369 |
| June | —497 |
| July | —414 |
| August | —78 |
| September | —96 |
* NOTE. The estimates have been derived as follows:
Published visible balance for total trade
less published exports of crude oil.
plus published imports of crude oil.
less estimated imports of crude oil—estimated as average 1976 level at average value in month in question.