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Balance Of Payments

Volume 722: debated on Tuesday 14 December 1965

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asked the Chancellor of the Exchequer by what amount the measures that he has taken will benefit the balance of payments for the year 1965.

Although the full benefits of the Government's policies will not be felt in 1965, I nevertheless expect an improvement in our balance of payments of some hundreds of millions of pounds.

Will the Chancellor confirm that the estimate which he received from the Treasury on taking office of what would be the adverse balance of payments for 1965 if he did not take any measures was very similar to what the figures are likely to be?

I certainly would not confirm such a figure. The hon. Member will, I am sure, be glad to know that in the first 11 months of this year, including today's excellent export figures, our trade deficit has fallen to £296 million compared with £535 million last year.