§ 8. Mr. EasthamTo ask the President of the Board of Trade when he expects the United Kingdom trade in manufactured goods next to be in surplus. [532]
§ The Minister for Science and Technology (Mr. Ian Taylor)My right hon. Friend the Chancellor of the Exchequer will set out his latest estimate of the balance of trade in manufactured goods in his "Financial Statement and Budget Report" on 26 November.
1230 The deficit on trade in manufactured goods in the last three months reduced by £250 million from the previous three months.
§ Mr. EasthamI am not asking about the past three months. My question is about what progress we are making. The Government have been in power for nearly 18 years, yet it is always jam tomorrow. We want to know where all the hundreds of millions of pounds from North sea oil have gone, while the deficit continues. Does that not prove that this Government do not know how to manage trade?
§ Mr. TaylorUnemployment in the hon. Gentleman's constituency has fallen by 9.4 per cent. in the past year, and Siemens Measurements Ltd. has made an inward investment there. He should welcome that success. We should celebrate the strength of manufacturing industry, the way it is adapting to new technologies and challenging suppliers all over the world, and the way it is penetrating new markets with a rapid rate of growth. In every year under the Conservative Government, annual growth rates in manufacturing output, investment and productivity have been higher than under the Labour Government.