§ 36. Mr. DayTo ask the Chancellor of the Exchequer what estimate he has made of the value of the United Kingdom's exports in the last 12 months to countries that are currently in recession. [72452]
§ Ms HewittA quarter of the world is in recession and no country is immune from the effects of the current instability in the world economy. For example, in the three months to January, the value of UK exports to Japan and South Korea were down 25 per cent. on a year earlier, and even larger falls have been seen in exports to various other crisis-bound economies in Asia and elsewhere. But as a result of the tough and decisive action the Government has taken, Britain is now better placed to steer a course of stability in an uncertain and unstable world.