HC Deb 20 February 1958 vol 582 cc1385-6
32. Mr. Leather

asked the Chancellor of the Exchequer the figure of the current deficit of the rest of the sterling area with the United Kingdom in the last three financial years.

The Paymaster-General (Mr. Reginald Maudling)

I regret that figures in terms of financial years are not available. The current deficits of the rest of the sterling area with the United Kingdom for the latest calender years for which estimates have been published are:

£ million
1954 … … … … 282
1955 … … … … 222
1956 … … … … 299
In the first half of 1957 the deficit was 117.

Mr. Leather

Would not my right hon. Friend agree that these figures show that, whatever the vicissitudes of the sterling area as a whole, the balance of payments of the United Kingdom as a unit has been extremely strong during all these years? As confidence abroad in the United Kingdom as the manager of sterling area currency is of vital importance, would it not be highly desirable to publish not only the sterling area figures monthly but the United Kingdom figures separately, so that people can see how well the United Kingdom is doing?

Mr. Maudling

I will look into my hon. Friend's suggestion. We must in this country earn a large surplus in order to trade with the rest of the sterling area and to finance investment in the rest of the sterling area, which is so important.