Rhodesia (Sanctions)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th July 1967.

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Photo of Mr Patrick Wall Mr Patrick Wall , Haltemprice 12:00 am, 18th July 1967

asked the Chancellor of the Exchequer what is the estimated total cost direct and indirect to the British economy of the campaign of sanctions since Rhodesia's declaration of independence.

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

The direct cost to the Exchequer for the period from I.D.I. to 30th June is now estimated to be about £23 million.

With regard to the cost to the balance of payments, I would refer the hon. Gentleman to the Answer my right hon. Friend the Chancellor gave on 7th March and to that given by my right hon. Friend the Prime Minister on 16th March.—[Vol. 742, c. 1232–4; Vol. 743, c. 151–2.]

Photo of Mr Patrick Wall Mr Patrick Wall , Haltemprice

Would the hon. and learned Gentleman reply to the Question on the Order Paper, which asks what the total effect is on the British economy, including visibles and invisibles? Would he not agree that it is now between £100 million and £150 million?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

I have given the figures of the direct cost of the effect on the Exchequer, of which we are able to make precise estimates.