Economy (Reflation)

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 7th March 1967.

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Photo of Mr James Dickens Mr James Dickens , Lewisham West 12:00 am, 7th March 1967

Notwithstanding that reply, does my right hon. Friend accept the view of the London and Cambridge Economic Service that the loss to the British economy in 1967 caused by the Government's policy of deflation will amount to £1,000 million, in terms of lost output? If so, does not he agree that this is a most shortsighted and socially undesirable way of solving a phoney balance of payments crisis?