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DSR 11C

company which wishes to manufacture in Britain itself.

We would wish to encourage you to look to the United

Kongdom as a springboard to wider markets.

The service sector of our economy remains strong

too.

Last year saw a record total of more than

£26 billions invisible receipts. Our invisibles

sector contributes £150 million net surplus each month

to our balance of payments. Invisible income should

even grow, with rising investment overseas.

The British economy is on the move again. What

does all this mean for Hong Kong/UK trade?

As our

economy picks up so we can expect to import more.

That is already starting to happen. It is a reflection

of normal economic forces.

We offer a large and attractive market. It is also a

market which is much freer of restrictions than people

sometimes argue. The proportion of manufactured

imports able to enter Britain entirely duty free is now

almost 80%: it was less than one-third in 1960.

Admittedly the influence of our membership of the

Community is strong in that comparison. But it does

not bear out allegations of creeping, let alone

galloping, protectionism.

A lip reader looking round this audience would no doubt

/see

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