Can the hon. Gentleman say, if the balance of payments situation deteriorates, whether the economy in 1973 will be able to sustain an initial contribution higher than the 3 per cent. offered, thinking in terms of the 7 per cent. or 8 per cent. which seems to be the inevitable compromise in the negotiations?
The hon. Gentleman is making rather too much of this. The rate of export credit is going at something like £300 million, not £30 million, a year. There are many factors in our balance of payments which have to be taken into account, and this contribution is only one of them.
I thank my hon. Friend for his reply, and I appreciate the reasons for its brevity. May I ask him to urge upon his right hon. Friend the vital need to continue to draft fiscal measures which will serve as an incentive to those who respond to this type of policy, and be a sharp spur to those who react better to such measures?