§ 21. Mr. Turtonasked the President of the Board of Trade what steps he is taking to protect the British watch and clock industry from the recent increase in subsidised imports of watches and clocks from the Union of Soviet Socialist Republics.
§ Mr. JayImports of these items from the Soviet Union are limited by quota; and despite the increase in the quota for watches in 1966, represent a very small fraction of the total imports of clocks and watches.
§ Mr. TurtonWill the right hon. Gentleman reconsider this, bearing in mind that the British watch and clock 1531 industry has always been regarded as of strategic importance? In the last two years, these imports from Russia have increased by 50 per cent. and our adverse trade balance with Russia has got much worse.
§ Mr. JayI am not inclined to increase this quota while our trade balance with Russia remains as it is. But these imports are a very small fraction of the total imports and an even smaller fraction of total consumption, so they have very little effect on prices.