Oil: Prices

HM Treasury written question – answered on 16th February 2015.

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Photo of Oliver Heald Oliver Heald Conservative, North East Hertfordshire

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 2 February 2015 to Question 222161, what estimate he has made of the extent of the increase in UK GDP provided by falling oil prices.

Photo of Priti Patel Priti Patel The Exchequer Secretary

As noted in the answer given to the Honorable Member on 2 February 2015, falling oil prices will provide a further boost to the UK’s GDP, which in 2014 grew faster than any other major advanced economy. Cheaper oil and low inflation will support living standards across the country for hardworking families and reduce business costs.

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