§ Mr. RedwoodTo ask the Secretary of State for Trade and Industry what estimate he has made of the impact on industrial costs resulting from(a) a 1 per cent. revaluation of the pound and (b) a 1 per cent. increase in interest rates. [69812]
§ Mr. ByersThe tough and decisive action taken by the Government on macroeconomic policy, including giving the Bank of England independence, will bring benefits to industry through long-term stability, in sharp contrast to the damaging cycle of boom and bust that cost industry so dear under the last Government.