§ Mr. Gouldasked the Chancellor of the Exchequer, in view of the fact that the £ sterling has been undervalued since April, why the latest forecast of exports for the first half of 1977 is only 0.6 per cent. greater than the figure forecast last April.
§ Mr. Denzil DaviesExport performance reflects the influence of a number of factors, of which the most important in the short term is the level of world demand. There is a considerable lag between changes in competitiveness and effects on export volumes. Each forecast reflects a judgment at the time on the influence of all the factors influencing exports as well as information on future trends contained in surveys.