§ 42. Sir C. Osborneasked the First Secretary of State and Secretary of State for Economic Affairs, in view of the fact that steel production for January, 1967 was 8 per cent. below January, 1966, though that of 1966 itself was 7 per cent. below the 1965 level, and that home consumption is the lowest since 1963 and exports are again down, whether Her Majesty's Government will cease giving the balance of payments absolute priority, and take steps to encourage the production of wealth, before unemployment and short-time working overwhelms the economy.
§ Mr. ShoreMy right hon. Friend does not share the hon. Gentleman's pessimism. The purpose of the present restraints is to correct the balance of payments and thus to assure a sound basis for sustained growth. We shall continue to relax them as and when it is safe to do so.