§ 27. Mr. J. H. Osbornasked the Chancellor of the Exchequer what has been the change in the balance of payments figures in 1969.
§ Mr. Roy JenkinsIn 1969 there is likely to have been an improvement in the current account of the order of £600 million on the previous year. Full figures for the year, including the capital account, will be published in March.
§ Mr. OsbornIs the Chancellor aware that, contrary to the Prime Minister's indication at Swansea, I welcome this trend and the strong platform which the Prime Minister has for his visit to the United States? What steps will the Chancellor take to reduce taxation on invisibles, which have accounted for this trend? What will be the effect of wage inflation?
§ Mr. JenkinsI was not aware that my right hon. Friend mentioned the hon. Gentleman at Swansea but perhaps I did not read the speech fully. As for taxation proposals on invisibles or anything else, the hon. Gentleman will not be surprised to be told that at this time of the year I have no statement to make on that matter. As far as the question of what he calls "wage inflation" is concerned, this is a matter which we must watch very carefully indeed.