§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what effects he estimates the change in the price of oil and measures to correct the United States deficit on trade are likely to have on the balance of payments between the industrial countries; if he will publish in the Official Report a table showing for the United Kingdom, Germany, Japan and the United States of America his estimate of the likely change in the balance of trade on current account in each case in the event of the United States correcting the imbalance in its trade over the next two years, assuming that the price of oil remains at the present level; and what would be the likely effect in each case on trade in manufactures.
§ Mr. MacGregorIt is impracticable to provide the detailed estimates requested. The change in the balance of trade resulting from a fall in oil prices and from measures taken to correct the United States trade deficit will depend on a wide variety of factors including how they affect other prices, economic activity and exchange rates, as well as the policies adopted in other countries.