Public Expenditure

Part of the debate – in the House of Commons at 4:48 pm on 9th April 1981.

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Photo of Mr Peter Shore Mr Peter Shore , Tower Hamlets Stepney and Poplar 4:48 pm, 9th April 1981

When we came to power in 1974, the result of the fourfold increase in oil prices was equivalent to a transfer of 3·5 per cent. of our total GDP to countries basically in the Arab world. We began with a minus 3 per cent. and the most formidable balance of payments crisis in our history. We gradually overcame that difficulty and developed North sea oil in the most remarkable way. By the end of our period in office we were ready to enjoy for the first time the benefits of oil self-sufficiency.