§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer to what extent he now expects that the current Anglo-German offset agreement will be fulfilled by the expiry date of 31st March; and what he expects to be the value of German commitments then outstanding.
§ Mr. CallaghanThe obligation under the current Anglo-German Offset Agreement is contained in Article 2 of the Protocol of the 20th July, 1965, to the Agreement of the 27th July, 1964. This states that
during the period 1st April, 1966, to 31st March, 1967, payments … shall amount to approximately DM 600 million".I expect that this obligation will be fulfilled. The second half of the Question, therefore, does not arise.
§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer if he will give details of payments received, and of the value of goods ordered for which payment has not been received, respectively, under the terms of the Anglo-German offset agreement covering the three-year period to 31st March, 1967.
§ Mr. CallaghanTotal payments received up to the 30th September, 1966, the latest date for which details are available, amounted to £87 million. Included in this figure are some advance or progress payments for goods ordered, but not yet exported, but the amounts are not exactly known. In addition, transactions have been approved in principle which will in due course result in the whole of the deposit account referred to in Article 5 of the Protocol of the 20th July, 1965, being used up and bring about payments amounting to £45 million in and in respect of the period 1964–66.