§ 12. Mr. Maurice Macmillanasked the Chancellor of the Exchequer what plans he has for improving the presentation in the balance of payments accounts of the capital and monetary items.
§ Mr. Harold LeverI would refer the hon. Gentleman to the Answer I gave him to a similar Question on 1st April.—[Vol. 781, c. 223.]
§ Mr. MacmillanWill the hon. Gentleman accept that the present method of presenting the long-term balance does not give a guide to its effect on reserves, and that particularly the financing of overseas investment through the Eurodollar market is creating a false impression to an extent to which it is depleting the reserves? Will he consider a method of presenting these figures so as to distinguish between the effect on the reserves and the need for short-term Government finance?
§ Mr. LeverI accept in a general way some of the criticisms the hon. Gentleman has made. That is why the Government are looking at the matter and hope to deal with precisely the areas on which the hon. Gentleman commented.