§ 62. Mr. Bottomleyasked the President of the Board of Trade to make a statement about the reduced premiums to be charged by the Export Credits Guarantee Department.
§ Mr. P. ThorneycroftAfter consultation with the Export Guarantees Advisory Council the Department has decided to make reductions in its premiums for short-term business with some 110 out of the 170 markets for which it issues30W guarantees. The markets affected are the more stable markets which include also the more competitive markets: they accounted during 1955 for over 80 per cent. of United Kingdom export trade.
The reductions on these markets will amount to between 10 per cent. and 20 per cent., and will take effect from the beginning of the present financial year.
These reductions are justified on a commercial assessment of the Department's trading accounts and future prospects and I hope that, small though they are, they will assist our exporters in their highly competitive business.