HC Deb 04 March 1969 vol 779 cc200-1
18. Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer whether he still expects to achieve a balance of payments surplus at an annual rate of £500 million by the second half of 1969.

21. Sir G. Nabarro

asked the Chancellor of the Exchequer what improvements in balance of payments occurred in the last quarter of 1968.

39. Mr. Jopling

asked the Chancellor of the Exchequer what estimate he has made of the balance of payments deficit in 1968; and what is now his forecast for 1969.

Mr. Roy Jenkins

I have nothing to add to the Answers I gave to similar Questions on 28th January.—[Vol. 776, c. 1090.]

Mr. Bruce-Gardyne

How does the Chancellor reconcile that Answer and those Answers with the statement he made last month that a swing of £1,000 million was required from the rate of deficit prevailing in the first half of 1968? As this was an annual rate of £1,000 million, did not that statement mean that he was not expecting a surplus at all this year?

Mr. Jenkins

No. I think the hon. Member is trying elaborately and strenuously to construct upon a rather narrow basis a structure which the basis will not bear.

Sir G. Nabarro

Is the Chancellor of the Exchequer now pretending to the House of Commons that the statement he made on 28th January has any relevance today, when last week he raised the Bank Rate to 8 per cent., thus profoundly affecting the level of costs for all capital goods for export?

Mr. Jenkins

I think it has at least as much relevance as that question from the hon. Member.

Mr. Jopling

Will the Chancellor make sure in 1969 that no Treasury considerations stop our balance of payments being helped as much as possible by the agricultural industry in achieving the targets of "Little Neddy?"

Mr. Jenkins

I do not quite understand what the hon. Member means by a "Treasury consideration". I can only assume that he means by this that I should take a completely indifferent attitude from the point of view of public expenditure, which means that his question is a, striking example of what we see so often, a desire for economy in public expenditure in general accompanied by a desire for extravagance in particular.

Mr. Henig

As the balance of payments figures have shown a marked improvement over the last six months, does not my right hon. Friend find it surprising that hon. Gentlemen opposite should deliberately cast doubt on these figures in order to give a misleading impression abroad?

Mr. Jenkins

I do not find that surprising.