Thatcher And North Sea Oil Flashcards
(3 cards)
1
Q
What had the US Secretary of State said about Britian ?
A
In 1975, before Thatcher, Henry Kissinger ‘Britain is a tragedy’ and it’s only hope was North Sea oil
This comment resonated with Thatcher
2
Q
Why was North sea oil important ?
A
Significant discoveries of oil in the 1970s-80s wnd by 1981 Britian was a net exporter of oil
Oil and gas extraction made up 6% of Britains economic output
3
Q
What was a draw back of the oil production ?
A
It meant that the value of the pound soured on the exchange rate and made it difficult for the manufacturing sector which lead to unemployment
