§ 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.