§ 18. Dr. Brayasked the Chancellor of the Exchequer how much of the deterioration of £3½ billion in the balance of payments on current account, which he has forecast for 1983 in his autumn statement, is accounted for by the expected deterioration in the balance of trade in manufactures.
§ Mr. Bruce-GardyneWhen the timing of EC refunds is taken into account, the underlying deterioration in the current account which is forecast for next year is nearer to £2½ billion. This reflects a rising deficit on non-oil trade, due mainly to a deterioration in the balance of trade in manufactures. An expected improvement in the rest of the invisibles account is seen as only offsetting a part of the larger non-oil trade deficit.