HC Deb 07 July 1970 vol 803 cc478-9
14. Mr. Sheldon

asked the Chancellor of the Exchequer what estimate he has now made of the balance of payments out-turn for 1970.

Mr. Maurice Macmillan

My right hon. Friend does not propose to give such an estimate.

Mr. Sheldon

Many hon. Members will have read the Queen's Speech with interest, where on the first occasion for a long time no mention is made of the balance of payments. Will it be the Government's policy to make use of the strongest balance of payments surplus Britain has ever had? [HON. MEMBERS: "Oh."] Of course it is the strongest balance of payments surplus Britain has ever had. One needs only to look at the figures to see that. Will the Government make use of this balance of payments surplus to stimulate the growth of the economy?

Mr. Macmillan

We are still in surplus, thanks largely to invisible earnings. The trend of visible trade has been downwards recently and the results of the last few months certainly demonstrate that we cannot afford any complacency.

16. Mr. Barnett

asked the Chancellor of the Exchequer if he will make a statement on the expected balance of payments out-turn in the current financial year.

Mr. Maurice Macmillan

My right hon. Friend does not propose to give such an estimate.

Mr. Barnett

Does the Chief Secretary accept that all the speeches made by the Tory Opposition in recent weeks and months on economic affairs would be a gigantic confidence trick if the Tory Government did not now propose to stimulate economic growth? If the Chief Secretary intends to do that, how does he propose to do it at the same time as reversing the balance of payments trends, as was clearly implied by the Prime Minister?

Mr. Macmillan

This is an entirely separate question. My right hon. Friend the Chancellor does not propose to give an estimate of the future balance of payments, because such estimates have never been given.