Balance of Payments

HC Deb 27 February 1975 vol 887 cc217-8W

23. Mr. Watkinson

asked the Chancellor of the Exchequer what is the extent of current borrowing arrangements to cover the United Kingdom balance of payments deficit; and if he is satisfied with the level of those arrangements.

26. Mr. Norman Lamont

asked the Chancellor of the Exchequer whether he is satisfied that the United Kingdom is continuing to attract sufficient OPEC funds to cover the foreseeable balance of payments deficit.

Mr. Healey

In the last 12 months our deficit was more than covered by foreign currency borrowing and net sterling inflows. I am expecting a lower deficit this year and I am satisfied that the financing we need will be available. The precise mix will of course depend on a wide range of factors, including the movement of relative interest rates, exchange market developments and the portfolio management decisions of the oil producers.

30. Mr. Tim Renton

asked the Chancellor of the Exchequer what is his estimate of the non-oil balance of payments deficit in the calendar year 1974 as compared with France and West Germany.

Mr. Joel Barnett

The United Kingdom deficit in visible trade in goods other than oil is estimated to have been £1,650 million in 1974. The French and West German Governments do not present their trade figures in the same way as the United Kingdom, and comparative figures for these countries are not, therefore, available for 1974.

31. Mr. Radice

asked the Chancellor of the Exchequer if he is satisfied with progress towards the elimination of the United Kingdom's balance of payments deficit.

Mr. Joel Barnett

I am encouraged by the improvement shown in the current account over recent months. But clearly we still have a long way to go.