Thatcher And North Sea Oil

Question 1

What had the US Secretary of State said about Britian ?

Answer 1

In 1975, before Thatcher, Henry Kissinger ‘Britain is a tragedy’ and it’s only hope was North Sea oil

This comment resonated with Thatcher

Question 2

Why was North sea oil important ?

Answer 2

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

Question 3

What was a draw back of the oil production ?

Answer 3

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