§ 66. Mr. Biggs-Davisonasked the Chancellor of the Exchequer to what extent he ascribes the necessity of recent measures in restraint of credit to an increase in imports relatively to exports; what proportion of that increase was of food, basic materials and manufactured goods, respectively; and what reconsideration has been given to the policy of liberalising imports.
Mr. AmoryRecent measures in restraint of credit were directed to relieving the pressure on resources generally. The increase in imports relatively to exports is only one symptom of this and itseif constitutes only one aspect of the balance of payments situation. Of the increase of £290 million in imports between the first five months of this and the same period of last year, 3 per cent. consisted of food, 27 per cent. of basic materials and 70 per cent. of manufactured goods, including materials for further processing.
93WI do not think that quantitative restriction of imports would benefit our balance of payments as a whole.