§ Mr. Ernie Rossasked the Secretary of State for Industry if he will make a statement on the effect of the exchange rate 335W value of the £sterling upon the textile industry's performance.
§ Mr. David MitchellThe performance of the textile industry depends on the interaction of many factors, of which the exchange rate is only one. A major factor affecting the industry's current performance is the recession which has reduced the demand for its products quite substantially. Although a strong exchange rate has adversely affected the industry's short-term competitiveness, it should help to contain inflation. Success on this front is essential for the future prospects of all industries, including textiles.