HC Deb 01 June 1965 vol 713 c185W
44. Sir C. Osborne

asked the Chancellor of the Exchequer how much unemployment, he expects will be created by his credit squeeze policy; what trades he expects to be affected most; when he estimates that this unemployment will materialise; how long he expects it to last; and if he will make a statement.

Mr. Callaghan

As I explained in my Budget speech, my policy is to achieve a balance on our external current and long-term capital account in the course of 1966. To do this we need to contain the growth of home demand in order to make room for the progressive improvement of the balance of payments. Unemployment is now very low and likely to remain so. I am, of course, able to modify my measures, one way or the other, by adjustments of monetary and fiscal policy should new circumstances make that appropriate.