§ Mr. Luceasked the Chancellor of the Exchequer if he will make a further statement on his policy with regard to the value to British exports of the fall in the value of the £ sterling, in the light of the conclusions of a recent survey of Sussex business men, details of which have been sent to him.
§ Mr. Robert SheldonI have read the summary in theSussex Business Times of views expressed by a number of Sussex exporters with interest and I will be writing to the hon. Member. After all relevant factors are taken into consideration, particularly the much higher rate of inflation in the United Kingdom than in other countries over the last year or so, I do not accept that the evidence supports the conclusions that United
324WCustoms and Excise duties on tobacco, beer, wines, spirits and other alcoholic drinks in the years 1950–51, 1955–56, 1960–61, 1965–66, 1970–71, 1975–76 and the projected figures for the current year.
§ Mr. Robert SheldonReceipts of Customs and Excise revenue duties were:
Kingdom exporters have been placed in a worse position as a result of the depreciation of sterling in recent months than would have been the case without it. But if they are to take full advantage of their present competitive position we must clearly continue to do all we can to reduce the cost pressures on United Kingdom exporters through our policy towards inflation and through our industrial strategy to help them to compete effectively in terms of quality, reliability and delivery as well as price.
§ Mr. Ian Lloydasked the Chancellor of the Exchequer (1) what he estimates would be the effect, at current trading levels, of a combined acceleration of payment for imports plus a deceleration of payments for exports of one day on the United Kingdom's foreign exchange reserves;
(2) what evidence he has that there have been alterations in the payments pattern for exports and imports since his announcement of the Group of Ten standby credit of $5.3 billion.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 15th July 1976; Vol. 915, c. 262], gave the following information:
At present levels of United Kingdom trade in goods and services, running at sime $120 billion a year, an advance of payment for imports and a delay of receipts for exports of one day would involve a total amount of some $300 million. There is no direct information on the extent of leading and lagging, but I would expect that there has been a reduction since my announcement on 7th June.