HC Deb 25 June 1968 vol 767 cc217-8
7. Mr. Sheldon

asked the Chancellor of the Exchequer what forecasts he intends to publish during 1968.

Mr. Roy Jenkins

It is not my intention to publish during the remainder of this year revised forecasts of the short-term economic outlook comparable in scope and detail with those embodied in the Financial Statement for 1968–69.

Mr. Sheldon

Would my right hon. Friend give an indication of his intentions about publishing future forecasts, and, in particular, can he say whether he intends at some time to publish forecasts giving indications of some of the elements in our balance of payments?

Mr. Jenkins

My general intention is to move, as I have tried to do in the forecasts published in association with the Budget statement, in the direction of disclosing more fully than has been done before the basis on which we make our forecasts with a view to having an informed discussion. We made a big step forward this year. It is reasonable to see how it goes for the time being.

Mr. Iain Macleod

While accepting and welcoming the fact that the right hon. Gentleman has given more information than any of his predecessors, may I urge him to continue the good work and to give even more forecasts and not be too disheartened by the fact that every one he has given so far has been wrong?

Mr. Jenkins

I thought that the right hon. Gentleman was being almost too agreeable to be true in the early part of his supplementary question. I shall not be put off by the latter part, except to say that he is wrong. Our forecasts of exports and of the growth of the national product show every indication of being in line with what we suggested. But, whether they be accurate or not, I will bear in mind what I took to be the more serious part of his supplementary question.