HC Deb 02 December 1969 vol 792 cc1292-4
Q3. Mr. Tom Boardman

asked the Prime Minister if he will place in the Library a copy of his speech at the Lord Mayor's banquet at the Guildhall on 10th November.

Q7. Mr. John Fraser

asked the Prime Minister whether he will place in the Library a copy of his speech at the Guildhall on 10th November, 1969.

Q9. Mr. Blaker

asked the Prime Minister if he will place in the Library a copy of his speech at the Guildhall on 10th November.

The Prime Minister

I would refer to my reply to a Question by my hon. Friend the Member for Newcastle-under-Lyme (Mr. Golding) on 13th November.—[Vol. 791, c. 151.]

Mr. Boardman

I am obliged to the right hon. Gentleman for that reply. Was not the reference in his speech to economic growth misleading, in that, according to Treasury figures, the rate of such economic growth has been declining?

The Prime Minister

No, Sir. If the hon. Member will study the figures published and keep the situation under close review he will see that the trend is now upwards for production and productivity. I am sure that he will also applaud what I said at the Guildhall about the vast improvement in our balance of payments.

Mr. Fraser

Will my right hon. Friend recall a passage in his speech when he dealt with visible trade balances, and recall that, according to earlier statistics, this country has comparatively rarely had a favourable balance of visible trade since the American colonies got their independence? In those circumstances will he supply the Leader of the Opposition with figures for any coast-to-coast broadcast that the Leader of the Opposition may wish to make about an independent British economy?

The Prime Minister

The right hon. Gentleman has all the figures, and gives a great deal of thought to them. It is a fact that over remembered times it has been very rare for us to have a surplus in visible trade month in and month out. It has required the invisible balances and other factors to produce the figures that I gave at the Guildhall. They will shortly be brought further up to date when we publish the balance of payments figures for the third quarter.

Mr. Blaker

I return to the figures that the Prime Minister gave in that speech in respect of the increase in our exports over the last five years. Since we all know the Prime Minister's passion for accuracy when he makes a major speech, should he not have pointed out that our exports, expressed in dollar terms, over that period have increased only about half as fast as those of the rest of the world?

The Prime Minister

If the hon. Member will look at the figures that I gave on that occasion he will see that I gave them not only in value terms, in sterling, but in volume terms—in terms of physical quantities measured by the index figure accepted by all parties—and this shows the most remarkable increase in the volume of exports for many years.

Mr. Maudling

Does not the Prime Minister agree that after devaluation volume is not the accurate indicator, as volume goes down in terms of dollars?

The Prime Minister

No, Sir. The volume of our exports is the best possible index of our export effort. The right hon. Gentleman can play with the figures as much as he likes but one day he will have to come to terms with the fact that, contrary to all his prophecies, Britain is now paying her way and has one of the best balance of payments surpluses in the world.