PAYMENTS DEFICIT
British Report Published (N.Z.P. A.-Reuter—Copyright) LONDON, June 30. Britain’s balance-of-pay-ments deficit was £lsBm in the first quarter of 1964, figures published by the Treasury showed today. But the "balancing item,” made up of transactions not yet recorded, was assessed at £B9m in Britain’s favour—the highest for any recent year except 1960.
The Treasury’s publication, “Economic Trends,” said the result was that the net balance of monetary movement—the change in the level of Britain’s reserves—showed an adverse figure of £69m. Imports went up “very sharply” during the quarter and the deficit on visible trade rose to £lo7m, compared with £33m in the fourth quarter of 1963, it said.
Net invisible earnings were at about the same rate as in 1963, so that the total current account balance moved from a small surplus in the fourth quarter of 1963 to a £s2m deficit for the first quarter of 1964.
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Bibliographic details
Press, Volume CIII, Issue 30482, 2 July 1964, Page 7
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149PAYMENTS DEFICIT Press, Volume CIII, Issue 30482, 2 July 1964, Page 7
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