asked the Secretary of State for Trade what is the range of policies which Great Britain can pursue designed to curb the non-oil deficit with the EEC without the prior agreement of the EEC; and what is the range of policies available in the event of the nation being successful in endeavouring to negotiate terms of departure from full membership of the EEC.
pursuant to his reply [Official Report, 24th March 1975; Vol. 889, c. 50], gave the following information:The United Kingdom's international obligations—e.g., to the IMF, OECD and GATT—entail a degree of constraint on our economic policies. These obligations would remain even if, contrary to Government policy, the United Kingdom withdrew from the Community. Within the framework of these obligations, the Government are ready to take those measures they consider appropriate to deal with developments in the balance of payments situation.