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North Sea Oil Revenues

Volume 979: debated on Thursday 21 February 1980

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asked the Chancellor of the Exchequer whether, in the forthcoming White Paper on public expenditure, he will give particular attention to ways of using North Sea oil Government revenue for purposes of increasing investment and improved capacity for wealth creation in the British economy.

The Government's overall economic policies are aimed at creating conditions which will encourage increased investment and wealth creation. Government revenues deriving from North Sea oil are not assigned to particular uses, but do, of course, contribute to the achievement of the Government's policies, which will be set out at the time of my right hon. and learned Friend's forthcoming Budget.