Mr Major’s Written Parliamentary Answer on Balance of Trade – 19 April 1989

Below is the text of Mr Major’s written Parliamentary Answer on Balance of Trade on 19th April 1989.

Mr. Dunnachie To ask the Chancellor of the Exchequer when he now expects Britain’s trade to be in balance.

Mr. Wareing To ask the Chancellor of the Exchequer when he next expects the balance of trade to be positive.

Mrs. Clwyd To ask the Chancellor of the Exchequer when he now expects Britain’s trade to be in balance.

Mr. Graham To ask the Chancellor of the Exchequer when he now expects Britain’s trade to be in balance.

Mr. Major The Financial Statement and Budget Report for 1989–90 shows a forecast of a deficit in visible trade in 1989. Forecasts of the balance in later years are not published.

Mr. Marlow To ask the Chancellor of the Exchequer what is his estimate of the level of the parameters of inaccuracy for the balance of trade.

Mr. Major The estimates for trade in goods are generally considered to be of fairly high quality. Figures for trade in services are subject to much wider margins of error.

There are considerable difficulties in measuring the United Kingdom’s balance of payments account as a whole, and over the last three years, the “balancing item” has averaged £14 billion per year. The “balancing item” reflects errors and omissions in both the current and capital account.