UK trade - the increasingly great divide

Article Abstract:

In August 1986, Great Britain posted its largest visible trade deficit in history, reflecting the noncompetitive position of most British products on international markets. Exports of British products are analyzed in three categories: oil exports, non-oil exports and services (invisible trade). Assuming oil prices remain at $15 per barrel, British annual surpluses in this area should continue to average 4 billion pounds sterling, with North Sea oil production declining gradually to 100 tons per year (in 1985, North Sea oil accounted for 127.5 tons). Non-oil exports are the source of most of Britain's trade deficit; in this area the deficit has grown from 2.3 billion pounds in 1982 to at least 10 billion pounds in 1985, attributable to rising labor costs and high production costs. The surplus of 'invisibles' is projected to remain stable at 8 billion pounds per year.

Balance of payments, Commerce

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Time for the pound to come in from the cold

Article Abstract:

The UK's decision to allow the pound to rise above the West German deutschemark has prompted new calls for the pound to become a member of the European Monetary System's exchange rate mechanism (ERM), which controls exchange rates between member currencies. There is substantial UK debate on whether or not to join the ERM, and no early decision is expected. The Prime Minister is opposed because membership would infringe on the UK government's ability to set economic policy to achieve national goals. Other objections include disavowal of a need for a unified currency mechanism and possibly greater instability against the dollar. Proponents believe joining the ERM would bring greater stability in the pound, encourage more foreign investment, and the need to progress towards the European Economic Community internal market.

International affairs, Analysis, Prices and rates, Economic policy, Foreign exchange, Pound (United Kingdom), Monetary policy, European Monetary System, Mark (Germany)

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How Britoil evaluates its project work

Article Abstract:

The criteria Britoil PLC uses to evaluate proposed oil field developments include the internal rate of return, net present value, profit to investment ratio, payback, maximum cash exposure, and net present value. Before the economic value of the proposed development is evaluated, one must first estimate the proposed development's economic feasibility by researching its financial parameters. After the development has been initiated, management will need to monitor its progress. Controlling offshore oil drilling projects are examined financially from the viewpoints of: design of the product, procurement of needed equipment and supplies, construction of the project, and commissioning the constructed project and its products.

Management, Economic aspects, Oil fields, Britoil PLC

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