§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will now make a statement on his revised assessment of the balance of payments surplus following the official conclusion that export figures have been underestimated for the past five years.
§ Mr. Harold LeverI have nothing to add to what my right hon. Friend said on the subject of the debate on the Letter of Intent on 25th June.—[Vol. 785, c. 1521–34.]
§ Mr. Arthur Lewisasked the Chancellor of the Exchequer to what extent his Budget statements were based on the balance 55W of payments figures now officially admitted to be incorrect; when these mistakes first came to light; and what steps he is taking to ensure the accuracy of the figures in future.
§ Mr. Harold LeverThe Budget statement was prepared before the errors in the recording of exports were known, but the overall strategy it contains is not affected by them. As regards the latter part of my hon. Friend's Question, I would refer him to the note published on page 1686 of the Board of Trade Journal of 18th June, 1969.
§ Mr. Wingfield Digbyasked the Chancellor of the Exchequer what study his Department has made of the invisible element of the balance of payments concerning Government receipts and expenditure, which is expressly excluded from the terms of reference of the Committee on Invisible Exports.
§ Mr. DiamondGovernment receipts and expenditure are kept constantly under review.