§ Mr. Austin Mitchell
asked the Chancellor of the Exchequer what was the fall in the real exchange rate between the fourth quarter of 1980 and the corresponding period in 1981; and what effect this had on United Kingdom exports.
§ Mr. Bruce-Gardyne
I refer the hon. Member to the reply given to him on 11 December 1981. Past experience suggests that the improvement in competitiveness since 1980 Q4 will have a beneficial effect on United Kingdom exports but that the size of the effect and the time lags are uncertain.