Mr Major’s Written Parliamentary Answer on the Balance of Trade – 11 May 1988

Below is the text of Mr Major’s written Parliamentary Answer on the Balance of Trade on 11th May 1988.

Mr. Alan W. Williams To ask the Chancellor of the Exchequer what is his latest estimate of the balance of trade for 1988.

Mr. Major At Budget time my right hon. Friend the Chancellor forecast a deficit on visible trade of £12.5 billion in 1988. Combined with a projected surplus on invisibles of £8.5 billion, the current account was forecast to be in deficit by £4 billion, less than 1 per cent. of GDP.

Mr. Hoyle To ask the Chancellor of the Exchequer what is his latest estimate of the balance in manufactured trade for 1988.

Mr. Win Griffiths To ask the Chancellor of the Exchequer what is his latest estimate of the balance in manufactured trade for 1988.

Mr. Major At Budget time, my right hon. Friend the Chancellor forecast a deficit of £8.5 billion on manufactured trade during 1988. With substantial surplus expected on trade in services and oil and on net earnings from overseas assets, the current account deficit is forecast to be £4 billion, less than 1 per cent. of GDP.

Dr. Marek To ask the Chancellor of the Exchequer what proportion of his estimate of the annual trade balance for 1988 has now been reached by the monthly figures.

Ms. Armstrong To ask the Chancellor of the Exchequer what proportion of his estimate of the annual trade balance for 1988 has now been reached by the monthly figures.

Mr. Major At Budget time my right hon. Friend the Chancellor forecast a visible trade deficit of £12.5 billion in 1988. The deficit in the first quarter was £3.6 billion.