§ Mr. Townsendasked the Secretary of State for Trade what is his policy toward the practice of exporters invoicing in foreign currency; and what estimate he has made of the effect of the depreciation of sterling on the volume of exports if this practice were universally followed.
§ Mr. MeacherExporters will often find it is to their commercial advantage to invoice in foreign currency, covering themselves on the forward market as required. This is, however, something which needs to be considered on a case by case basis. To the extent that increased recourse to foreign currency invoicing reflects sound commercial judgments, I would expect the effect on the volume, as well as the value, of United Kingdom exports to be favourable.