HL Deb 29 May 1968 vol 292 cc1112-3
LORD RHODES

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government whether official estimates made at the time of the last Budget about imports are being realised; and, if not, what steps are being taken to deal with the situation.]

LORD BESWICK

My Lords, a substantial part of the high level of imports in the first four months of this year reflects the expected rise in prices consequent on devaluation; there have also been a number of special and temporary factors. The Government remains confident that its economic strategy will put our balance of payments on a sound footing.

LORD RHODES

My Lords, may I ask the Minister whether it is not a fact that according to the estimates that were made at the time of the Budget we are importing now 16 per cent. too much?

LORD BESWICK

My Lords, I should not like to comment on that figure. As my noble friend knows, the level of imports at this time has been rather higher than we had hoped it would be.