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1987-1990 - Mr Major’s Written Parliamentary Answer on Balance of Payments

Below is the text of Mr Major's written Parliamentary Answer on Balance of Payments on 14th July 1988.


Mr. Henderson To ask the Chancellor of the Exchequer if he will make a statement on the trend in the balance of payments.

Mr. Lilley The current account deficit was £1.6 billion in 1987 and is estimated to be £4.7 billion so far in 1988.

Mr. Harry Greenway To ask the Chancellor of the Exchequer what steps he is taking to improve the balance of payments position: and if he will make a statement.

Mr. Campbell-Savours To ask the Chancellor of the Exchequer what steps he intends to take to bring about an improvement in Britain's balance of payments performance.

Mr. Radice To ask the Chancellor of the Exchequer what measures are being taken to improve the balance of payments.

Mr. Major Policy will continue to be directed to defeating inflation and encouraging enterprise.

Mr. Sedgemore To ask the Chancellor of the Exchequer what is the level of the current account deficit on the balance of payments that he now predicts for this financial year.

Mr. Skinner To ask the Chancellor of the Exchequer what new estimates he has made for the balance of payments figures in 1988; and if he will make a statement.

Mr. Mullin To ask the Chancellor of the Exchequer what is the level of the current account deficit on the balance of payments that he now predicts for this financial year.

Mr. Cummings To ask the Chancellor of the Exchequer what level of current account deficit on balance of payments he now predicts for this financial year.

Mr. Nigel Griffiths To ask the Chancellor of the Exchequer by how much he would now revise his Budget estimates of the likely outturn this year for the balance of payments.

Mr. Andrew Smith To ask the Chancellor of the Exchequer what is his most recent estimate of the current account balance of payments for 1988 in (a) visible trade and (b) invisibles.

Mr. Strang To ask the Chancellor of the Exchequer if, in the light of the most recent trade figures, he will revise his current estimate of the balance of payments deficit for 1988–89.

Mr. Tony Lloyd To ask the Chancellor of the Exchequer if he will update his forecast for the 1988 current account deficit as given in the "Financial Statement and Budget Report 1988–89".

Mr. Cohen To ask the Chancellor of the Exchequer if he will give his latest estimate of the balance of payments for 1988–89.

Mr. Major As my right hon. Friend the Chancellor of the Exchequer has already said, recent figures suggest that the current account deficit in 1988 may be larger than the £4 billion forecast at Budget time.

Mr. Cousins To ask the Chancellor of the Exchequer what is his estimate of the impact of the measures announced in his Budget on the balance of payments.

Mr. Patchett To ask the Chancellor of the Exchequer what is his forecast for the impact of his Budget income tax changes on the level of manufactured imports in the present year.

Mr. Major I refer the hon. Members to the answer my right hon. Friend the Chancellor of the Exchequer gave on 12 May 1988 to the hon. Members for Newcastle upon Tyne, North (Mr. Henderson) and for Edinburgh, Central (Mr. Darling) at column 453.

Mr. Wall To ask the Chancellor of the Exchequer what representations he has recently received about the level of the balance of payments deficit for the first few months of 1988.

Mr. Major My right hon. Friend has received a number of representations on this, as on a number of subjects.

Mr. Rooker To ask the Chancellor of the Exchequer what are the latest available figures in respect of the balance of payments; and what are the comparable figures for one and nine years ago.

Mr. Major In the first five months of 1988 the current account deficit was £4.7 billion. In the same period a year ago, a surplus of £0.8 billion was recorded, while nine years ago a deficit of £0.6 billion was recorded.

Mr. Wareing To ask the Chancellor of the Exchequer what action he intends to take in relation to the current balance of payments position.

Mr. Wallace To ask the Chancellor of the Exchequer whether he proposes to take any measures to reduce the level of the balance of payments deficit.

Mr. Major This Government will stick to firm monetary and fiscal policies. These, along with policies to encourage enterprise, will help to ensure continued economic prosperity. In particular, the current surge in domestic investment and lower tax rates will bring strong lasting benefit to United Kingdom trade performance.