§ Mr. Higginsasked the Chancellor of the Exchequer whether the £1,000 million reduction in consumption and Government expenditure suggested by Her Majesty's Government at the National Economic Development Council meeting of 3rd January, 1968 included the £400 million cuts already announced.
§ Mr. Roy Jenkins:The figure which the hon. Gentleman quotes is not a proposed reduction in consumption and Government expenditure but an assessment of the extra annual resources which, following devaluation, we shall have to apply to exports and import saving. The measures which the Government has previously announced, together with those announced yesterday and others which will be taken in due course, are all designed to ensure that over a period we achieve this.