HC Deb 26 January 1971 vol 810 cc304-5
11. Mr. Tugendhat

asked the Chancellor of the Exchequer if he will make a statement in regard to the current growth in export credit.

Mr. Barber

Although no final figures are available, the growth of export credit outstanding in 1970 was probably of the order of £350 million, or about the same as in 1968 and 1969.

Mr. Tugendhat

I thank the Chancellor for that reply, but does he expect a rapid increase now, in view of the healthier state of the balance of payments than in recent years?

Mr. Barber

I have in the past expressed concern about the extent of export credit outstanding, which is a considerable burden on the balance of payments, and I have also pointed out to the House that we require a substantial continuing surplus in order to finance the growth of export credit which is outstanding. But the whole matter of export finance arrangements is under review.