European Council (Venice Meeting)

Part of the debate – in the House of Commons at 12:00 am on 16th June 1980.

Alert me about debates like this

Photo of Mrs Margaret Thatcher Mrs Margaret Thatcher The Prime Minister, Leader of the Conservative Party 12:00 am, 16th June 1980

I accept that there is a grave North-South crisis and that part of that crisis is attributable to the sharp increase in the price of oil, which has gone up more than tenfold over the last eight years. Although the increases cause immense difficulties for the industrialised countries, they cause intolerable burdens for the poverty-stricken countries, which are approaching financial crisis. We are extremely worried about how the revenues from OPEC oil will be recycled this time. This will be more difficult than on previous occasions. We shall certainly expect to play a constructive part ourselves. It was with a view to deciding what we should say next week that we spent such a long time on this aspect of the problem in Venice.