§ Mr. A. Lewisasked the Chancellor of the Exchequer whether he is aware that the present excess of imports over exports will cause an adverse balance of payments figure of £250 million in 1964, and £600 million in 1965; and what action he proposes to take to redress this imbalance.
Mr. M. MacmillanI do not follow the hon. Member's calculations. They appear to be mainly derived from the trade figures for a few recent months,32W which do not by themselves afford a reliable basis either for forecasting the balance of payments up to the end of next year or for policy action.