§ 6. Mr. DykesTo ask the President of the Board of Trade what assessment he has made of the development of United Kingdom machine tool exports in recent months.
§ Mr. EggarI am not sure whether to apologise to my hon. Friend or not.
The Department takes a continual interest in the export performance of industry. Export sales of machine tools at current prices in the fourth quarter of 1994 were almost double the level achieved in the same period in 1993. In the first three quarters of 1994, the machine tool industry ran an estimated balance of payments surplus of £40 million.
§ Mr. DykesWith your indulgence, Madam Speaker, I shall try to ask a question about the Post Office on another occasion.
I thank my hon. Friend for his answer. Does he agree that, after years of battering and decline, the machine tool industry has now significantly turned the corner and is producing much improved figures? Would he say that that was due to the recent devaluation of the pound or to reinvestment?
§ Mr. EggarIt is due to the first-class commitment by management in the machine tool industry towards identifying significant new export opportunities and to a considerable commitment by the work force to additional training. The industry has a record of which Members on both sides of the House should be proud.
§ Mr. Barry JonesOn the vital subject of manufacturing, can the Minister tell us why the Chancellor of the Exchequer believed that Consett steel works was producing steel?
§ Mr. EggarThe Chancellor is extremely proud of the fine record of manufacturing industry in the United Kingdom. He is also extremely proud of the record of inward investment in the north-east of England. The hon. Gentleman knows perfectly well that my right hon. and learned Friend is proud of the introduction of Nissan, Samsung and many other allied companies.