Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 12:00 am on 20th April 1970.

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Photo of Mr Reginald Maudling Mr Reginald Maudling , Barnet 12:00 am, 20th April 1970

The right hon. Gentleman has failed to understand my point. The situation was not deteriorating. One measures an improvement in a situation by what happens in the future, not by what has happened in the past, and the improvement in the current account balance was from a deficit of about £90 million in the third quarter of 1964 to a disappearance of the deficit altogether in the first quarter of 1965.