HC Deb 11 December 1969 vol 793 cc630-3
Q1. Mr. Marten

asked the Prime Minister when he next proposes to take the chair at a meeting of the National Economic Development Council.

Q7. Mr. John Fraser

asked the Prime Minister what discussions he has had with the representatives of the National Economic Development Council on prospects for exports, industry by industry, in 1970 to 1972; and if he will make a statement.

The Prime Minister (Mr. Harold Wilson)

I shall be taking the chair at the next meeting of the Council on 16th December. On the discussions on export prospects for various industries, I would refer to my reply last Tuesday to Questions by my hon. Friends the Members for Stockport, North (Mr. Gregory), for Norwood (Mr. John Fraser) and for Ealing, North (Mr. Molloy).—[Vol. 793, c. 104–5.]

Mr. Marten

As the Department of Economic Affairs has now been abandoned, has the National Plan also been abandoned, or, if not, is it the Prime Minister who is responsible for it as chairman of the N.E.D.C., and also for the check lists in it?

The Prime Minister

The hon. Gentleman does not seem to be aware of what the meeting is about, despite my answer last week. It is to look at the forward figures in "The Task Ahead" in respect of exports and imports, industry by industry, following the survey by the little "Neddies". As regards Ministerial responsibility, the hon. Gentleman will, no doubt, remember what I told the House on 13th October.

Mr. Fraser

Do not today's magnificent trade figures, while not giving room for complacency, vindicate the Government's economic planning strategy? If the present favourable trend continues, will my right hon. Friend consider the possibility of increasing the rate of economic growth somewhat?

The Prime Minister

We never base our views on a single month's trade figures, but we have now had a surplus in four successive months. Taking the last three months ending at November, we have had a visible trade balance of an average of plus £15 million per month, as against minus £7 million in the previous three months. I know that the right hon. Gentleman the Leader of the Opposition—[AN HON. MEMBER: "He is not listening."]—he is now—who so sourly greeted the second quarter's balance of payments figures and said that we must wait for the third quarter, will wish to express his unfeigned delight at the fact that the figures published this week, which will be before the N.E.D.C.—[AN HON. MEMBER: "TOO long."]—not too long, too high for the right hon. Gentleman—showed a surplus of £214 million seasonally adjusted, in the third quarter as against £72 million in the second quarter—those are plus figures—compared with a minus figure of £147 million when the right hon. Gentleman was at the Board of Trade, a turn-round of £361 million in a single quarter.

Mr. Selwyn Lloyd

Is the Prime Minister aware that, although we thoroughly welcome any improvement in the export figures, we believe that these results are achieved by our businessmen and not by Cabinet Ministers? They are achieved not because of this Government but in spite of them?

The Prime Minister

I have heard that argument before. Right hon. Gentlemen opposite have said for the last four years that it could not be achieved with this Government. [Interruption.] I am sorry that the right hon. and learned Gentleman has such strictures about the miserable performance of Britain's businessmen when he was the Chancellor and the right hon. Gentleman the Leader of the Opposition was President of the Board of Trade.

Hon. Members

Oh!

Mr. Speaker

Order. The House must not get too happy.

Mr. Roebuck

On a point of order, Mr. Speaker. May I draw your attention to the fact that the Leader of the Opposition was seeking to catch your eye?

Mr. Speaker

I did not observe that.

Mr. Alfred Morris

Would my right hon. Friend consider taking the Leader of the Opposition with him to the N.E.D.C.—

Hon. Members

Why?

Mr. Morris

—even as a humble observer so that he will better understand the significance of these trade figures? Is my right hon. Friend aware that four months ago, when the first of these remarkable sets of figures was available, the Leader of the Opposition said, "I will wait until I see next month's figures" and that on the second occasion he said "I will wait until I see the third month's figures"? Is it not time that he considered the current month's figures and the remarkable success they show?

The Prime Minister

I will certainly consider by hon. Friend's interesting suggestion when the right hon. Gentleman has had time to do his homework. My hon. Friend misrepresents the right hon. Gentleman. The right hon. Gentleman made that sour comment on the publication of die second quarter balance of payments figures, not I think as any reaction to individual monthly trade figures.

I am aware that the right hon. and learned Member for Wirral (Mr. Selwyn Lloyd) was not Chancellor in that year. He was a member of the Cabinet but I think that we were then seeing the pay-off in that year—even though it was a new Chancellor, the right hon. Member for Barnet (Mr. Maudling)—in the very bad balance of payments figures.