§ 34. Mr. Barnettasked the Secretary of State for Economic Affairs if he will give his estimate of the extent to which annual growth is restricted for each £100 million of surplus on balance of payments, taking into account the various assumptions in the document, "The Task Ahead."
§ Mr. ShoreNo, Sir. I have nothing to add to the Answer which my hon. Friend, the Parliamentary Under-Secretary, gave to my hon. Friend on 13th March.—[Vol. 779, c. 333–4.]
§ Mr. BarnettIs it not a fact that we could aim for a higher rate of growth with a target of £200 million surplus on the balance of payments than with one of £500 million, which in any event could not be maintained for any consistent period, and should not we tell the I.M.F. that that is precisely what we propose to do?
§ Mr. ShoreI do not dispute that the balance of payments restraint is an important restraint on economic growth, but I cannot accept my hon. Friend's suggestion that we need a surplus of only £200 million in the years ahead. I think that we need a considerably more ambitious surplus than that.
§ Mr. Bruce-GardyneTo assist his hon. Friend's proposal, will the right hon. Gentleman consider inviting the Postmaster-General to address the I.M.F. and to explain his ideas?