HC Deb 19 July 1971 vol 821 c1036

Turning to the balance of payments, I said at the time of the Budget that I expected another sizeable surplus on current account in 1971. In the Financial Statement and Budget Report I forecast an increase in the volume of exports ; and the House will have noted that the recent trade figures show a renewed increase in the volume of exports after a static period since early in 1970.

The latest figures indicate that in the first half of this year the current account was in surplus, for those six months alone, by about £300 million seasonally adjusted, that is to say, at an annual rate of around £600 million. This is a considerably larger surplus than many had expected.

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