§ 28. Mr. Biffenasked the President of the Board of Trade what effect on manufacturing investment he expects to arise from the recent initiative by Her Majesty's Government to join the Common Market.
§ Mr. BiffenYes, but would the right hon. Gentleman confirm that he agrees with the Chancellor of the Exchequer, 1561 that one of the presumed advantages of British membership of the Common Market would be a rise in manufacturing investment?
§ Mr. JayI always agree with my right hon. Friend, but this is a matter of presumption rather than an estimate.
§ 31. Mr. Sheldonasked the President of the Board of Trade what assessment has been made of the growth in imports consequent upon entry to the European Economic Community.
§ Mr. JayNo assessment of the effect on total imports is possible. Imports from other member countries of the Community would no doubt increase as well as our exports to them.
§ Mr. SheldonIs the right hon. Gentleman aware that the level of imports into this country has been consistently underestimated during the past few years and that this level of imports is likely to rise very rapidly upon entry of the Common Market? This matter is worthy of his greatest and closest attention.
§ Mr. JayYes Sir, they have already been rising for a long time. In considering the effect of any adhesion to the E.E.C. on our balance of payments, we have to consider possible increases in exports but also the possible increase in imports and the effects on our own costs of production.
§ Mr. ShinwellIn reference to his Answer to Question No. 28 and to the present one, would my right hon. Friend urge his colleagues to furnish some adequate and accurate information about the benefits of entering the Common Market, as no one has yet the foggiest notion of what will happen?