§ 72 and 73. Mr. Patrick Jenkinasked the Chancellor of the Exchequer (1) what is his estimate of the net balance of all transactions in the balance of payment; accounts for 1966 involving oil;
(2) what is his estimate of the foreign exchange cost of each £1 worth of oil imports into this country.
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§ Mr. DiamondI would refer the hon. Member to paragraphs 51 and 52 of the Fuel Policy White Paper (Cmnd. 3438) which gives the latest information which can be made available.
§ Mr. J. H. Osbornasked the Chancellor of the Exchequer what he estimates to he the value of resources, at 1958 constant prices, which will be made available to assist the balance of payments due to the fact that public expenditure in 1968–69 is now expected to increase by 3¾per cent. while the gross national product is forecast to rise by 4 per cent.; and what contribution this makes, as a percentage, towards the target £1,000 million shift in resources to the balance of payments.
§ Mr. Roy JenkinsThe reductions in public expenditure will make a substantial contribution to the required shift of resources, but this needs to be looked at in conjunction with all the other factors affecting demand and resources, and I am not at present prepared to suggest an estimate for this factor alone.