§ Mr. Sutcliffeasked the Secretary of State for Trade and Industry what steps he is taking toward international agreement to regulate the practice of providing export finance at artificially low interest rates.
§ Mr. NobleThis question is currently under discussion in the Organisation for Economic Co-operation and Development. It is, however, one of particular difficulty and I cannot hold out any hope of significant early progress.
§ Mr. Sutcliffeasked the Secretary of State for Trade and Industry if he will estimate the effect on Great Britain's export performance of last year's increase in the level of fixed interest rates for export credits.
§ Mr. NoblePrecise estimates are impossible since the interest rate is only one among many factors affecting United Kingdom competitiveness, and a substantial number of the export contracts signed during the first half of this year were at the former rate because of commitments already entered into by the banks. However, the Government are keeping this matter under close review.