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Mr. Austin Mitchell
asked the Chancellor of the Exchequer what the net balance of payments deficit on the non-oil account has been in each of the last five years; and on what data he bases his conclusion in the public expenditure White Paper Cmnd. 7746, that without the contribution of North Sea oil during this period there would have been scarcely any growth in output or productivity.
Mr. Lawson
The balance of trade in goods other than oil in the last five years has been as follows:
£ million | |
1974 | -1,810 |
1975 | -125 |
1976 | +372 |
1977 | +1,047 |
1978 | +840 |