§ Mr. JenkinTo ask the Chancellor of the Exchequer what measures he is considering in order to rectify the alleged deficiencies and inaccuracies in the Government's United Kingdom trade statistics, and described in "UBS Global Research Economic Briefing" dated 21 March; and if he will make a statement, with particular reference to the amount of(a) last year's current account deficit, (b) the United Kingdom's 1993 invisibles surplus and (c) export and import volumes to the EC.
§ Sir John CopeDetails of investigations into the quality of the visible trade statistics, particularly on our trade with other European Community members, were given in the replies of my right hon. and learned Friend the Chancellor of the Exchequer to my hon. Friend the Member for Chelmsford (Mr. Burns) on 8 February,Official Report, column 121–22 and to my hon. Friend the Member for Hazel Grove (Sir T. Arnold) on 21 March, Official Report, column 21. The Central Statistical Office has since announced that it aims to release preliminary findings on 12 May.
On invisibles, the CSO believes that the published estimates of net investment income are the best available. The Union Bank of Switzerland analysis raises a number of interesting issues, most of which have already been investigated. The CSO does not accept that there is an error of the size or in the direction suggested. The CSO is always looking for ways of improving its procedures and, as announced in its programme strategies released on 19 April, has a continuing programme to improve this and other parts of the balance of payments statistics. There have already been major improvements in recent years with a progress report published in "Economic Trends" in December 1992. Balancing items—errors and omissions —have been very much smaller in recent years.