§ 58. Mr. Hiley
asked the President of the Board of Trade if he is aware that exporters of wool and allied products sell for forward delivery, often 12 to 18 months ahead, and that their costs have been increased by the effect of devaluation on raw material prices, by increased Bank Rate and by loss of the export subsidy; and what steps he will take to assist those who have made commitments on a long-term basis.
§ Mr. J. P. W. Mallalieu:
I am aware of these factors. However, I am sure that they will be outweighed by the opportunities afforded by devaluation.
As far as the export rebate is concerned, I would refer the hon. Member to the provisions in the Revenue (No. 2) Bill introduced on 31st January.
My right hon. Friend the Chancellor of the Exchequer has already indicated to the House on 23rd January that the 111W Government has no responsibility for losses sustained by traders on forward contracts.—[Vol. 757, c. 65–6.]