§ 54. Mr. Horobinasked the Chancellor of the Exchequer whether he can give an estimate of the annual rate of improvement in the net United Kingdom balance of payments, in comparison with the last six months of 1951, which must be achieved by the Government's measures to reduce imports and increase exports, in order to balance the United Kingdom's accounts in the last six months of 1952.
§ Mr. R. A. ButlerThe United Kingdom deficit on current account with the world as a whole is estimated provisionally to have been of the order of £400 million in the second half of 1951. To eliminate this deficit by the second half of 1952 would, therefore, require an improvement at an annual rate of £800 million.
I would remind my hon. Friend that our commitment under the Commonwealth Finance Ministers' plan is to reduce the U.K. deficit with the non-sterling world from £575 million in the second half of 1951 to £100 million in the second half of 1952.