• Short Summary

    BRITAIN'S CHANCELLOR OF THE EXCHEQUER, ROY JENKINS, TODAY (TUESDAY) PRESENTED HIS BUDGET FOR 1969. MAINLY?

  • Description


    MR. JENKINS LEAVING TREASURY FOR PARLIAMENT: MR. JENKINS SPEAKING (SOF)



    TRANSCRIPT: JENKINS: "1968 WAS BY NO MEANS A WHOLLY SATISFACTORY YEAR, BUT THE IMPROVEMENT IN OUR BALANCE OF PAYMENTS BETWEEN THE FIRST PART AND THE SECOND HALF OF THE YEAR WAS BIGGER THAN BETWEEN ANY TWO HALF YEARS IN THE PAST DECADE. I'M NOT TRYING TO PRETEND TO YOU THAT EVERYTHING WENT AS WE HOPED LAST YEAR -- FAR FROM IT. THE IMPROVEMENT ON OUR TRADING POSITION WAS NOT NEARLY AS FAST AS IT OUGHT TO HAVE BEEN. THIS WAS PRIMARILY BECAUSE PRIVATE EXPENDITURE, INSTEAD OF FALLING A LITTLE AS I HAD BUDGETED, ROSE BY ABOUT ONE PER CENT. THIS BOTH SUCKED IN MORE IMPORTS AND MEANT THAT GOODS WHICH WOULD OTHERWISE HAVE BEEN EXPORTED WERE BOUGHT IN THE SHOPS HERE. LARGELY BECAUSE OF THE RAPID RISE IN INCOMES WE DID NOT CONTAIN CONSUMERS EXPENDITURE AS MUCH AS WE HAD HOPED. BUT, IN SHARP CONTRAST WITH EVERY OTHER RECENT PERIOD OF RAPIDLY EXPANDING PRODUCTION, EXPORTS WENT UP MUCH FASTER THAN PRIVATE SPENDING. AS A RESULT WE GOT THE FIRST PERIOD OF EXPORT-LED EXPANSION FOR A DECADE OR MORE. AND EXPORT-LED EXPANSION IS THE ONLY KEY TO FUTURE PROSPERITY. TROUBLE WAS THAT THE EXPORT LEAD WAS NOT BIG ENOUGH. THAT'S WHY WE HAVE TO KEEP UP THE PRESSURE THIS YEAR. WE HAVE TO MOVE FROM BIG REDUCTION IN THE BALANCE OF PAYMENTS DEFICIT TO ITS COMPLETE ELIMINATION AND REPLACEMENT BY A SIZEABLE SURPLUS. THAT'S WHY THIS YEAR'S BUDGET IS NECESSARY."




    Initials LD/V-TELE/CT/BB



    Script is copyright Reuters Limited. All rights reserved

    Background: BRITAIN'S CHANCELLOR OF THE EXCHEQUER, ROY JENKINS, TODAY (TUESDAY) PRESENTED HIS BUDGET FOR 1969. MAINLY ATTACKING CONSUMER SPENDING, THE CHANCELLOR BROUGHT IN A BUDGET TOUGH ON GENERAL SPENDING, BUT DESIGNED TO BASICALLY NOT AFFECT THE STANDARD OF LIVING OF THE AVERAGE BRITON.

    IN A SPEECH TO PARLIAMENT WHICH LASTED 2 HOURS, THE CHANCELLOR ATTACKED "IRRESPONSIBLE INDUSTRIAL ACTION" FOR DAMAGING BRITAIN'S COMPETITIVE POSITION ON THE WORLD MARKET -- BUT ADMITTED THAT HE WAS ABLE TO REPORT THAT BRITAIN HAD ACHIEVED SOME PROGRESS IN THE STRUCTURE OF HER ECONOMY AND THEREFORE HIS BUDGET WOULD NOT BE SO STRINGENT AS LAST YEAR. HE WAS ALSO HIGHLY CRITICAL OF THE EFFECT OF HIGH CONSUMER SPENDING ON THE STATE OF ECONOMY:

  • Tags

  • Data

    Film ID:
    VLVAEAFRI6U6N0ILV8BEPP75MMWN0
    Media URN:
    VLVAEAFRI6U6N0ILV8BEPP75MMWN0
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    15/04/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:51:00
    Time in/Out:
    /
    Canister:
    N/A

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