§ Q6. Mr. Rentonasked the Prime Minister when she next plans to take the chair at a meeting of the National Economic Development Council.
§ The Prime MinisterNo further dates have yet been arranged.
§ Mr. RentonIn view of the need to compete with Germany and Japan, does my right hon. Friend think it is appropriate to have a forum in which British industry's 135 winners and losers in the years ahead can be discussed? If so, does my right hon. Friend think that NEDC is the best place for such discussion?
§ The Prime MinisterNEDC is concerned with much deeper economic factors. It is concerned with increasing the rate of productivity, investment and profitability. It tries to look ahead. It is useful that the Government, the CBI, financiers, banks and tradeunions should be able to discuss such matters. In addition, the sector working parties draw attention to matters that affect particular industries. Their reports are particularly valuable and can alert us to things that need to be done.
§ Mr. Peter HardyDoes the Prime Minister realise that a few moments ago she was extremely complacent in her assessment of the balance of payments position? Does she not accept that one reason for those figures has been the virtual cessation of the purchase of essential raw materials by large sections of British industry? Does she not recognise that when the oil has gone there will be very little left in many areas of the United Kingdom?
§ The Prime MinisterI would not accept the hon. Gentleman's analysis. For years we were bedevilled by an adverse balance of payments. At the moment we have a very good balance of payments—one that countries such as West Germany envy.