§ 33. Sir C. Osborne
asked the President of the Board of Trade to what extent the improvement in the United Kingdom physical trade gap is due to the running down of internal reserves; how much lower they are today than on 1st July, 1961; and if he will make a statement.
§ Mr. Erroll
The reduction in the deficit on visible trade since the second half of last year has been associated with a sharp decline in the rate of stock-building, but total stocks in the economy continued to grow up to the end of June. Information at present available about stock movements during the third quarter suggests that there was no substantial change.
§ Sir C. Osborne
Is it fair to assume that if there has been no drop in our internal material resources, therefore the real position between imports and exports has improved and there is no fake about it?