§ Mr. Gouldasked the Chancellor of the Exchequer what was the effect on the profitability of exports of the 33.1 per cent. increase in unit labour costs in 1975.
§ Mr. Denzil DaviesThe immediate effect was to reduce the profitability of exports. In the long run, on the artificial assumption of constant export price competitiveness, the effect on profitability should be small, on average.