§ 4. Mr. Sheldonasked the Chancellor of the Exchequer what estimate he has 811 made of the out-turn of the balance of payments for 1969.
§ Mr. Roy JenkinsI do not propose at this stage to make any fresh estimate of future out-turn. So far, however, our progress looks satisfactory towards all announced balance of payments targets.
§ Mr. SheldonI warmly congratulate my right hon. Friend on the progress made with the balance of payments, but would he say whether there is any possibility of withdrawing from some of the commitments entered into in the Letter of Intent in view of the present satisfactory position?
§ Mr. JenkinsI do not think that that arises. I am not aware of any constraints imposed upon me by the Letter of Intent which I would not wish to be there and which I would not think right in the interests of pursuing the policies which have achieved the substantial improvement in our position.
§ Sir F. BennettCan the right hon. Gentleman clarify his first answer, in view of what he said yesterday and in the light of the interpretation in the newspapers today? Did he say yesterday that the monthly rate, if maintained, would produce an annual surplus of £500 million, or was he saying what many of the headlines are saying, that we would in fact achieve a £500 million Surplus this financial year ending next April?
§ Mr. JenkinsIt is not my impression that any newspaper has said that we would achieve a surplus this financial year. What I said in fact was that it looked to me as though the out-turn for the second and third quarters, which are now past, would together give an annual rate of £500 million a year. I am always very cautious about predicting the future.