§ 8. Mr. BatesTo ask the Chancellor of the Exchequer if he will make a further statement about measures to assist exports announced in the Budget.
§ Mr. LamontThe reduction in export credit premiums and the £1.3 billion extension of cover that I announced in the Budget will enhance the ability of British exporters to compete in some of the most important, fastest growing markets in the world.
§ Mr. BatesI thank my right hon. Friend for his answer. Is he aware that the measures that he has announced to help exports will be particularly welcome in the north-east, which already exports a larger proportion of its manufacturing production than almost any other region? Does he recognise that export success has as much to do with individual endeavour and enterprise as with Government support and assistance? Will he join me in welcoming the establishment of a self-help programme—the manufacturing challenge for north-east industry—which has been launched with the twin aims of doubling the region's manufacturing base and tripling exports in the next 10 years?
§ Mr. LamontI certainly agree with my hon. Friend, and I am grateful to him for mentioning the north-east manufacturing challenge. He can be assured that we will do all that we can to encourage agencies and business men in the north-east to support that initiative. Given their energy and commitment, I am sure that the outstanding export performance of the north-east will be enhanced further.
The measures that I announced in the Budget have been strongly welcomed—particularly by the British chambers of commerce—as a major boost for exports. The availability of lower premiums and more cover will enable us to compete in some of the markets that are particularly important to us.