Oral Answers to Questions — Trade and Industry – in the House of Commons at 12:00 am on 10 December 1973.
Mr Raymond Carter
, Birmingham, Northfield
12:00,
10 December 1973
asked the Secretary of State for Trade and Industry if he will make a statement on Great Britain's current balance of trade situation.
Mr Peter Walker
, Worcester
The changing terms of trade and the increase in imports of machinery, industrial materials and fuels have resulted in a substantial deficit in our balance of trade.
Mr Raymond Carter
, Birmingham, Northfield
Is not the prime reason for the expected £2,000 million balance of payments deficit next year the Government's appalling economic policies? Will the Secretary of State now tell us what course he will be urging upon his right hon. Friend the Chancellor of the exchequer in order to reverse this situation?
Mr Peter Walker
, Worcester
The answer to the first part of the hon. Gentleman's supplementary question is "No, Sir", and the answer to the second part also is "No, Sir".
Mr Trevor Skeet
, Bedford
Will my right hon. Friend give his estimate of the trend in commodity prices?
Mr Peter Walker
, Worcester
think that my hon. Friend will realise that in present circumstances it is impossible to do that. For one thing, if oil prices substantially increase and oil supplies diminish there could be a large reduction in world trade, which could result in a substantial fall in commodity prices. It is, therefore, quite impossible to predict.
Mr Tony Benn
, Bristol South East
But is it not clear that in this matter, as in the oil situation, what the country wants is that the Minister shall tell us the facts—that is all, just the facts—and the best prospects which can be made available to the country as a whole? Although very gloomy estimates are undesirable, does not the right hon. Gentleman realise that the foolish optimism which he has shown has done, if anything, much more damage than the gloomy forecasts? Will the right hon. Gentleman give the House an assurance that what the Government are ready to tell the special NEDC meeting on 21st December will be made available also to Parliament before it rises for the Christmas Recess?
Mr Peter Walker
, Worcester
Having read over the weekend the right hon. Gentleman's confessions of how, taking note of the experts, his Government ran down the coal industry, the railways and other industries, I can understand his concern. If he wants facts I can readily give him one. Imports of industrial materials, fuel and machinery over the first 10 months of this year are running at a total increase of £2,500 million over the same period last year.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
