§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what has been the increase in the value of sterling against the ecu since its lowest point in 1993; and what is the forecast effect of such a change on imports and exports of manufactures after one, two and three years in terms of volume.
§ Mr. Nelson[holding answer 14 December 1994]: Figures for the sterling ecu exchange rate are available on the Central Statistical Office, which can be accessed through the House of Commons Library. Export and import volumes are affected by a number of factors, including world trade, growth in United Kingdom export markets, export profit margins, domestic demand and competitiveness. A forecast of the growth in non-oil trade volumes taking into account all relevant factors was published in chapter 3 of the "Financial Statement and Budget Report".