§ Sir C. Osborne
asked the Prime Minister, in view of the policy of Her Majesty's Government in preparing for a slowing-down in world trade, and since Great Britain must export at a profit about 30 per cent, of its industrial production to pay for its imports of food and raw materials, if he is satisfied there will be no reduction in the United Kingdom standard of living; and if he will make a statement.
§ The Prime Minister
The hon. Member is under a misapprehension. Expert international opinion is that world trade will continue to expand though the view is held in some quarters that the rate of expansion may slow down. I can assure him that Her Majesty's Government are determined to ensure that the United Kingdom enjoys its fair share of increased world trade. I can also assure the hon. Gentleman that, far from envisaging a decline in the standard of living in the United Kingdom, we look forward to202W its improvement at a faster rate once our external payments are restored to balance.