HC Deb 19 May 1966 vol 728 cc1532-3
28. Mr. Biffen

asked the President of the Board of Trade what proposals he has for import quotas when the surcharge is revoked.

Mr. Jay

None, Sir.

Mr. Biffen

Is the right hon. Gentleman aware that there is considerable disquiet about the intentions of the British Government regarding import quotas, as evidenced by the latest international economic review of the First National Bank of Chicago? Can he allay these fears by asserting that it would be an index of the Government's failure if they were obliged to introduce import quotas this year?

Mr. Jay

The best way to allay these fears would be to continue the increase in exports which we have seen this year.

Mr. Barber

Will the right hon. Gentleman give us an assurance that when the surcharge is discontinued it will not be followed by import quotas?

Mr. Jay

That is an excellent example of a hypothetical question.

Mr. Sheldon

Does my right hon. Friend rot agree that at present imports are much too high and that when the surcharge is finally removed they may be higher than the economy can readily withstand? Would he not further agree that it is time that we introduced into the balance of payments situation some measure of certainty?

Mr. Jay

The best way to restore the balance is by expanding exports rather than by restricting imports.