§ Mr. A. Lewis
asked 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. Macmillan
I 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.