HC Deb 22 November 1956 vol 560 cc1916-8
24. Mr. H. Wilson

asked the Chancellor of the Exchequer if he is now in a position to make a statement on his estimate of the effects of recent developments in the Middle East on British industry and on the balance of payments, respectively.

Mr. Walker-Smith

No, Sir. The Government are, however, fully aware of the importance of giving the House a statement on these matters so soon as a firmly based assessment can be made.

Mr. Wilson

While welcoming that concession by the hon. and learned Gentleman, may I ask him whether it is not already long past the time when the Chancellor should have made a statement, in view of his lamentable failure in the recent debate to say anything at all about the economic situation? Must we wait to read the accounts in United States newspapers of information given by Her Majesty's Treasury in interviews and in other ways, before that information is given to the House?

Mr. Walker-Smith

No, Sir. The House will, I am sure, be at one with me in rejecting as unfair and inaccurate the right hon. Gentleman's description of my right hon. Friend's speech on 12th November. With regard to the publication of matters, I am sure that the right hon. Gentleman wants a firm and authoritative estimate, and that is why, in the Answer which I have given, I have asked him to wait.

Mr. Jay

Can the Minister say whether the sum of £50 million extra expenditure as a result of these Egyptian activities includes the loss of petrol tax revenue due to petrol rationing?

Mr. Walker-Smith

No. The £50 million, as announced by my right hon. Friend, was the budgetary expenditure expected to arise directly, as I understand it, but perhaps if the right hon. Gentleman wishes to pursue that question he will put a Question on the Paper.

Mr. Osborne

Would my hon. and learned Friend not agree that hon. Members opposite may be doing the country a great disservice by exaggerating the difficulties of the present situation?

Mr. Wilson

While we have yet to have any proof that any of our estimates are an exaggeration, all the evidence now pointing to the contrary, would the hon. and learned Gentleman not agree that the greatest possible harm is being done to the country's economic position and the strength of sterling by the silly pretence by Ministers that there is really no serious economic effect, and would they not do better to admit frankly what the damage is and at the same time produce adequate measures for dealing with that damage?

Mr. Walker-Smith

Her Majesty's Ministers have at no time shown complacency about this situation. In answer to my hon. Friend the Member for Louth (Mr. Osborne), it is of course a fact that wild speculation or surmise about the position of this country would be damaging to the country's fortunes.

Mr. J. Griffiths

Does not the hon. and learned Gentleman realise that the Opposition, and indeed the majority of this country, believe that the greatest service that can be rendered to the nation at the moment is to get rid of this Government and to have another one?

Mr. Walker-Smith

I can hardly suppose that the electorate, who have memories of the Administration of which the right hon. Gentleman was a member, could conceivably come to that conclusion.