The Oil Price Crisis has aggravated world inflation, which again threatens us with economic and political dislocation.

a record balance of payments surplus frittered away and turned into a record deficit even before the Oil Price Crisis; and, worst of all for our long-term future, an industrial base rotting away, starved of investment in the face of a deliberate policy of massive tax reliefs handouts to the Tory Party's wealthier supporters.

The Conservative Party left us with an appalling legacy: escalating inflation; a record balance of payments surplus frittered away and turned into a record deficit even before the Oil Price Crisis; and, worst of all for our long-term future, an industrial base rotting away, starved of investment in the face of a deliberate policy of massive tax reliefs handouts to the Tory Party's wealthier supporters.

Since all these countries were subject to the Oil Price Crisis, and since at least some of them were subject to the CAP, is it not clear that the reason for the disparity is that those countries had the good fortune not to have this Government?

The Community countries had been forced to focus their own efforts to overcome the problem which, in a sense, came to a head with the Oil Price Crisis.

To bring in this double effect at a time when we are facing an Oil Price Crisis compounds arrogance and error with stupidity.

When the 1973 Oil Price Crisis hit us it became obvious that the rundown of the coal industry in the 1960s had to be reversed.

When one adds to that the problems and pressures created by the Oil Price Crisis and its impact on the import bills of the developing countries, and the consequent sharp reduction in their ability to pay for their own imports, one has a good idea of the problems that we face.

They have moved badly against those countries since the Oil Price Crisis.

We should also remember the Oil Price Crisis of 1975.

We are all aware of the seriousness of the Oil Price Crisis, which affects every individual, household and business sector in the country.

For example, the Oil Price Crisis in the early 1970s and the big increase in trade union militancy blew the Conservative Government of the day off course, which meant that they had to increase the burden of taxation in response.

As I have outlined, the Government are working hard with the Oil and Gas Authority and the industry to provide the right support to this vital sector during the Current Oil Price Crisis.