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8.
At another point Mr. Crosland said "I think it unlikely that either Hong Kong or Pakistan will suffer significantly under a tariff system". On the same day Lord Brown said in the House of Lords, "It is believed that the prices of imports from Commonwealth sources, which will now have to bear tariff, will drop by about the amount of the tariff". In other words, it is expected that the return to Commonwealth suppliers of e.g. cotton garments will drop by 17% ad valorem, which will be transferred directly to the British exchequer instead of returning to the supplying country to go into wages or further investment.
9.
It is surely quite clear that if this happens, Hong Kong will suffer significantly while the British industry will not benefit if the exporters' prices drop by the amount of the tariff. The only beneficiary will be the Treasury.
10.
Finally, I should be grateful for formal confirmation that cotton knitwear from the Commonwealth will continue to enjoy duty free entry.
Engl.
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