§ 18. Mr. Canavanasked the Secretary of State for Trade and Industry what is the latest balance of trade in manufactured goods.
§ Mr. ButcherIn the context of an overall surplus of £3 billion, there was a deficit on trade in manufactures of £3 billion in 1985.
§ Mr. CanavanWill the Minister now tell us the whole truth? Over the past three years there has been an annual average manufacturing deficit of over £3 billion, the worst record in the history of British industry. As it is only North sea oil that is keeping this sinking Government temporarily afloat, is it not about time that the Minister's job description was changed to the "Minister for trade deficits which have arisen from the butchering of British industry"?
§ Mr. ButcherThe deficit in 1984 was £3.9 billion. I said as candidly as the question demanded, I should have thought, that the deficit in 1985 was £3 billion. The future trend in that set of figures will be addressed when my right hon. Friend the Chancellor of the Exchequer makes his projections in a few days on the future level of output. Within the figures there is another very encouraging figure, that is an 8 per cent. incease in the volume of exported manufactures in 1985.