Orders of the Day — Customs (Import Deposits) Bill

Part of the debate – in the House of Commons at 12:00 am on 17th November 1969.

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Photo of Mr Michael Alison Mr Michael Alison , Barkston Ash 12:00 am, 17th November 1969

The hon. Member for Stoke-on-Trent, Central has his own interpretation of the figures somewhat wrong. In his speech he contradicted himself. While being against any increase in the money supply, he was at the same time in favour of import deposits. They are contradictory, because if one introduces import deposits with a view to cutting down the balance of payments deficit to encourage a surplus—the Chancellor will corroborate this only too readily—then a balance of payments surplus tends to decrease—no—increase—