§ 4. Mr. Patrick McNair-Wilsonasked the Chancellor of the Exchequer if he will give details of the seasonally adjusted figures for the United Kingdom balance of payments for the second quarters of the years 1967, 1968, 1969, 1970 and 1971, respectively.
§ The Chief Secretary to the Treasury (Mr. Maurice Macmillan)I would refer my hon. Friend to the figures in Table 1 of the Press notice on the balance of payments issued on 7th December and in Table 1 on page xiv of the September issue of "Economic Trends".
§ Mr. McNair-WilsonDoes my hon. Friend agree that the figures in that table show graphically the improvement in our balance of payments position as compared with the position under the previous Government, and that they provide the exact basis for the recovery in our economy for which we all hope?
§ Mr. Russell KerrOne million unemployed.
§ Mr. MacmillanMy hon. Friend is right. It is particularly gratifying that export volume, which showed virtually no change from the middle of 1969 to the end of 1970, has this year increased very considerably and contributes to the expansion.
§ Mr. DellWhich is more important—to maintain the balance of payments surplus or to bring down the level of unemployment?
§ Mr. MacmillanThe mainainting of the balance of payments surplus and the increase in exports and expansion into other markets are a prerequisite to bringing down unemployment.