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Volume 888: debated on Monday 10 March 1975

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asked the Chancellor of the Exchequer if he will make a statement on the likely effects of the 1974 rise in unemployment in the EEC of 40 per cent, on the United Kingdom economy in 1975.

The substantial increases in unemployment in other EEC countries last year was one facet of the slowdown in world economic activity which has had its main impact on the United Kingdom economy by reducing opportunities for British exporters. This was a major factor affecting the United Kingdom's current account deficit in 1974 and is expected to continue to be important until world economic activity and trade recover from the present recession.