§ 63. Mr. Higginsasked the Secretary of State for Trade whether the recently discovered mistakes in the seasonally-adjusted overseas trade figures leave the actual returns for the value of exports and imports unaffected; whether he estimates the wrong figures had a significant impact on confidence and thus the sterling exchange rate, exports and imports; and what steps he has taken to ensure that such mistakes are not repeated.
§ Mr. DeakinsThe recorded figures of the value of exports and imports are not affected by the recently discovered error which occurred in the seasonal adjustment process. The revised seasonally adjusted figures continue to show a substantial decrease in the deficit on current account this year; in the first nine months of 1975 the annual rate of deficit was £1,912 million compared with £3,668 million for the whole of 1974. The recent trends in exports and imports, as shown 597W by the figures for the third quarter of 1975, are scarcely altered by the revisions. Firm steps have been taken to ensure that the correct computer programme is used in future and to improve the procedure for regular monitoring of the seasonally adjusted figures.
§ Mr. Higginsasked the Secretary of State for Trade what was the rank of those responsible for the mistake recently discovered in the seasonally adjusted overseas trade figures.
§ Mr. DeakinsMy right hon. Friend the Secretary of State accepts full responsibility for the actions of his Department. We regret that a mistake was made and have taken steps to prevent its happening again.
§ Mr. Higginsasked the Secretary of State for Trade whether he is satisfied with the adequacy of the Press briefing provided by his Department in clarifying the Press notice announcing the discovery of major errors in the seasonally-adjusted overseas trade figures.
§ Mr. DeakinsYes.