HC Deb 01 May 1975 vol 891 cc712-3
10. Mr. Shepherd

asked the Chancellor of the Exchequer when he next expects to meet the Finance Ministers of the European Community.

17. Lord James Douglas-Hamilton

asked the Chancellor of the Exchequer when he next expects to meet the Finance Ministers of the European Community.

Mr. Healey

I would refer the hon. Members to my right hon. Friend the Paymaster-General's reply to the hon. Member for Beeston (Mr. Lester) on 23rd April—[Vol. 890, c. 323.]

Mr. Shepherd

Does the right hon. Gentleman agree that Britain will be better able to ride out the international economic storm if it works for closer co-operation with other members of the Community?

Mr. Healey

Yes, I agree, and I hope that the hon. Gentleman will agree that I proved this when I helped organise co-operation among the European members of the International Monetary Fund to achieve the launching of the IMF oil facility in January this year.

Mr. Ashton

Is my right hon. Friend aware that practically the only time that we had a balance of payments surplus was in 1969, when we had a Labour Government and were not in the Common Market? Is he aware, further, that whereas imports of foreign cars used to be one in 10, they are now one in three, and that our car industry would be a great deal better off if we kept out these imports and left the Common Market altogether?

Mr. Healey

No doubt we would produce more for the home market if we had no foreign trade whatever.

Lord James Douglas-Hamilton

Will the right hon. Gentleman ensure that his views about the EEC are imparted to the Scottish TUC and to trade unionists in Scotland?

Mr. Healey

Certainly I shall.

Mr. David Howell

Reverting to the subject of imports of foreign cars, the right hon. Gentleman will have seen reports that Britain may be reluctant to sign the OECD trade pledge to avoid import controls. May we have an assurance that there is no reluctance in this matter?

Mr. Healey

The hon. Gentleman will know that it is most unusual for Ministers to comment on newspaper reports. I can assure him that the Government propose to sign the pledge—a decision which may come a little easier after my last Budget. But we are anxious also to see the OECD recognise the responsibility of countries with strong balance of payments positions to maintain an adequate volume of world trade by reflating their economies. The responsibility lying on countries in surplus must be borne in mind just as much as that lying on the rest of the Community.