§ Mr. Blakerasked the Chancellor of the Exchequer what is his estimate of the saving to the balance of payments during the 12 months ending in June 1967 as a result of the fall in import prices as compared with the 12 months ended June 1964.
§ Mr. Harold LeverThe unit value index of imports rose by about 2¾ per cent. between the two periods. In very rough terms that is equivalent to a gross addition of £150 million to our import bill. No precise estimate is possible of the net effect on the balance of payments since our exports tend to do better when primary producers' earnings increase.