§ Mr. Osborneasked the Chancellor of the Exchequer, since the balance of payments for the third quarter of 1960 shows a deficit of £101 million against a surplus of £43 million for 1959, and since Great Britain has a deficit of £66 million on its current payments for the first three quarters of this year, if he will take every opportunity to warn the nation of its dangerous economic plight and the dangers of widespread unemployment unless exports are greatly increased.
§ Mr. Selwyn LloydIt is necessary to take a balanced view of the situation. It has many favourable aspects, notably the high levels of business activity and of investment. Fluctuations in the balance of payments are bound to occur from time to time, especially when stocks are being built up or run down, and our reserve position is considerably stronger than it was a few years ago. I do not agree, therefore, that the United Kingdom is in a dangerous economic plight, though there are undoubtedly aspects which must cause concern. It is of paramount importance that we should maintain stable prices at home, strengthen our competitiveness in the world economy and expand our exports. The Prime Minister has already drawn the attention of the country to the urgent need for increased export effort.