HC Deb 11 August 1966 vol 733 cc1865-6
24. Mrs. Renée Short

asked the President of the Board of Trade which countries in Western Europe have operated an import credit quota since 1964; and what effect this has had on British exports to those countries, in percentages.

Mr. Jay

None, Sir.

Mrs. Short

Does not my right hon. Friend think that it is time he had a look at this? Is it not a fact that Italy and some other countries have organised control of import credit and that we could do this in a selective way and thus have a considerable impact on the import of luxury goods which are not essential at this time?

Mr. Jay

We have indeed had a look at it, but one of the difficulties is that it requires legislation. I am not sure that my hon. Friend would want to go on legislating throughout August and September.

Sir C. Osborne

Why cannot the Government look at the possibility of legislation, as today's trade figures are really disappointing and as we are still importing vast quantities of some luxury goods which we could well do without? Will the President of the Board of Trade look at this again?

Mr. Jay

This is certainly one method, amongst others, of restraining imports, but there are considerable difficulties.