HC Deb 06 November 1972 vol 845 c47W
Mr. Skeet

asked the Secretary of State for Trade and Industry what is the minimum level of oil stocks required by the European Community; how this compares with the British requirement; and when it is anticipated that a 120-day requirement will be introduced.

Mr. Emery

The current European Economic Community minimum level is 65 days—based on the previous year's consumption—and a draft Directive is before the Council raising this to 90 days. Our present stocks are well above 65 days, and we propose to take steps to conform with the EEC Directive. A suggestion for a further increase to 120 days has not yet been discussed.

Mr. Arthur Lewis

asked the Secretary of State for Trade and Industry whether he is aware that under a Common Market ruling the value corresponding to the parity in relation to the unit of account is applicable in Great Britain; and how this will affect British industry.

Sir G. Howe

I am not aware that the application of the unit of account in those cases in which British industry will be affected will have any significant effect on British industry.