§ 11. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what is his latest forecast of the balance of payments outturn for the current calendar year; and at what date he now expects to reach a large payments surplus on an annual basis.
§ Mr. DiamondI have nothing to add to what my right hon. Friend said in the House on 23rd and 25th June.—[Vol. 785, c. 1001–10; Vol. 785, c. 1521–34.]
§ Mr. Bruce-GardyneHas the right hon. Gentleman noticed the polite scepticism expressed by the O.E.C.D. about the Chancellor's latest payments target? Can he tell us, as the Chancellor failed to tell us last week, what will happen if the target is not reached, as seems evident? Will the trigger clause be applied, or is this another instance of 222 the Government's habit of proclaiming the inevitability of the unattainable?
§ Mr. DiamondThe hon. Gentleman has made a number of points but the essential one was about the so-called "trigger clause". This is non-existent.
§ Mr. HigginsBut is it not true that what the Chancellor said does not answer my hon. Friend's question, particularly the first part, about the balance of surplus in this calendar year? What is the answer to that?
§ Mr. DiamondI have given the answer to that. I cannot add to the information which my right hon. Friend has given: if I could have done, I would have done.