HC Deb 03 February 1984 vol 53 c389W
Mr. Nicholas Winterton

asked the Secretary of State for Trade and Industry what estimate his Department has made of the impact on competition of pound sterling/continental exchange rates with particular reference to the textile and clothing industry.

Mr. Norman Lamont

[pursuant to the reply, 30 January 1984, c.37]: The Government appreciate that the level of exchange rates is an important factor bearing on companies' competitiveness. But the sterling exchange rate is determined by market forces and the Government believe that action to reduce the rate to a target level could have unacceptable effects on domestic inflation. This would rapidly offset any short-term benefits to competitiveness.

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