§ 25. Mr. Emeryasked the President of the Board of Trade what was the balance of visible overseas trade for November, 1968, excluding figures relating to imports of United States military 1310 aircraft; what was the balance including such figures; and what has been the total payment in respect of United States military aircraft in the last available 12 months.
§ Mr. DellThe visible trade deficit in November, 1968, was £16 million, excluding both imports of United States military aircraft and exports of British engines for them; the trade balance is not calculated including these transactions, but imports in November were valued at £41 million. Total payments in the 12 months ended December for United States military aircraft were £109 million.
§ Mr. EmeryWould the hon. Gentleman agree that by excluding our payments for military aircraft and equipment we are giving a very different view about the balance of payment figures to many outside this country, and that when, as is often the case, they wake up to this differential of something like £110 million overall a year, it makes the situation very much worse for the Government?
§ Mr. DellIt is necessary to distinguish visible trade from the balance of payments. The payments account in respect of these aircraft appears in the balance of payments figures published every three months in Economic Trends. There is therefore no concealment and no lack of information.
§ Mr. ShinwellCan my hon. Friend say whether the £109 million expenditure on United States military aircraft is contained under the Ministry of Defence or some other Department?