§ 10. Mr. Hal Millerasked the Secretary of State for Trade whether he is yet in a position to relax some of the requirements of the Export Credits Guarantee Department cost inflation insurance scheme; and if he will make a statement.
§ Mr. DeakinsWe are still considering industry's various comments on the scheme. My right hon. Friend hopes to make an early announcement.
§ Mr. MillerIs the Minister aware that, apart from the representations of the manufacturers in Redditch, about which 1277 I wrote to him on 26th June, the whole construction industry in this country attaches the greatest importance to this scheme, which is an essential aid to its export effort, which is vital at a time when domestic construction is so lamentably low? In particular, will he pay attention to covering the total inflation cost, which I am given to understand is the practice in France and West Germany?
§ Mr. DeakinsI fully understand and sympathise with the case that the hon. Gentleman is making on behalf of his constituents. It has been made to us by the CBI and a number of major firms. However, primarily we have to have regard to public expenditure considerations. Although in the best possible world open-ended cover would be eminently desirable, consistent with our international obligations, that is obviously impossible for the Government.