§ 55. Mr. William Hamilton
asked the President of the Board of Trade to what extent imports have increased in volume and in value since devaluation; and what new initiatives he is taking to reverse this trend.
§ Mr. Crosland
Comparing the middle quarters of 1967 with the five months since devaluation, the volume of imports increased by 10 per cent. and their value by 22 per cent. I am confident that the many measures already taken both to secure the necessary transfer of resources into export and import-saving industries and promote industrial efficiency will put the balance of payments on a sound footing.