Economic Situation

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 17th January 1974.

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Photo of Mr Maurice Macmillan Mr Maurice Macmillan , Farnham 12:00 am, 17th January 1974

It is not membership of the Common Market that has placed an intolerable burden on our balance of payments but the pressure of world prices and commodity prices, which has been enhanced by the increase in energy prices. This has presented the whole of Europe with a balance of payments problem vis-à-vis the exporting countries.