§ Mr. Skeetasked the Secretary of State for Trade what value of additional exports is required to compensate for the fall in the value of sterling since March 1973.
§ Mr. DeakinsBetween March 1973 and September 1975 the effective exchange rate of sterling fell by 18½ per cent. Many other factors have affected our trade over the period, including the rise in oil prices and the recession in the industrial economies of the world. To the extent that the depreciation of sterling has contributed to an increase in the value of imports a corresponding increase in the value of exports is needed, which can come both from higher export prices in sterling and from a greater volume of sales.