§ Sir G. Nabarroasked the Chancellor of the Exchequer what decline in home market consumer demand has occurred since his Budget statement as a result of more than £900 million increased taxation in 1968–69; and to what extent this has affected the balance of payments.
§ Mr. Roy JenkinsConsumers' expenditure in real terms fell by 6½ per cent. between the first and second quarters of this year. I am confident that this fall has contributed substantially to the recent improvement in our balance of trade, especially by freeing resources to feed the rapid expansion of exports.