HC Deb 25 July 1972 vol 841 cc1514-5
9. Mr. Dalyell

asked the Chancellor of the Exchequer if he will make a statement on the latest balance of payments figures.

Mr. Nott

The current account remained in surplus in the first six months of this year. A deficit on visible trade was more than matched by our net invisible earnings. In June visible trade was also in surplus.

Mr. Dalyell

What contingency projection has the Treasury done on the possible effects on the balance of payments of a significant stoppage in the docks?

Mr. Nott

It is not normal to make forecasts of the balance of payments. There are problems in the docks at present which have now lasted for a little over one day. To assume that a great deal of detailed contingency planning will have been done in the Treasury in the last 24 hours is not very realistic.

Mr. Healey

Does the hon. Gentleman agree with the Department of Trade and Industry analysis which shows a massive and continuing fall in the volume of exports as distinct from their value and a comparable rise in the volume of imports? What steps does the Chancellor of the Exchequer propose to take to deal with that problem?

Mr. Nott

The right hon. Gentleman makes that statement, but the six months' volume figures for this year do not become available until August. I am not sure to which volume the right hon. Gentleman is referring. As he knows, the June export figures were very good and show rises in export values right across the board. When the volume figures for this six months become available in August they will be published in the normal way.

Mr. Powell

Is not it fortunate that the £ is floating at present?

Mr. Nott

I am not entirely sure how my right hon. Friend's question or comment is related to this Question. But it is too soon to say how the floating of the £ will affect our current balance. We cannot say at present.