§ 33. Mr. Jayasked the President of the Board of Trade what has been the percentage increase to date this year in manufactured imports, and other imports into the United Kingdom respectively.
§ Mr. J. RodgersIn the first 9 months of 1960, the value of United Kingdom imports of manufactures including those destined for further processing, was 44 per cent. more than in the first 9 months of 1959. The increase in imports of other goods was nearly 7 per cent.
§ Mr. JayDo not these rather striking figures show that the present balance of payments trouble is not so much due to flagging exports as to premature decontrol by the Government of unnecessary imports?
§ Mr. RodgersThe main factors leading to an increase in imports this year are, first, the increasing demand for consumer goods and capital goods and, secondly, a rapid rise in stocks. As to the general policy of liberalisation, we believe it is in the best interests of the country to maintain a policy of removing arbitrary barriers to trade.
§ Mr. JayHow does the Minister explain the much greater rise in manufactured goods than either raw materials or food?
§ Mr. RodgersMany of the manufactured goods, more than half of them, were for further processing.