§ 29. Sir C. Osborne
asked the Chancellor of the Exchequer in view of the fact that more than half of the £745 million balance of payment deficit for 1964 was represented by capital outflow, and leads and lags, to what extent the fact that the 1965 deficit will be only half that of 1964 means that these financial leakages have been stopped while the adverse trading position remains practically the same; and if he will make a statement.
§ Mr. Callaghan
The hon. Gentleman has misunderstood the figures. The Government's measures are operating on both the current and the long-term capital accounts, and the deficit on both together in the first quarter this year was reduced to one half the rate last year.