HC Deb 16 March 1977 vol 928 cc231-2W
Mr. Gould

asked the Chancellor of the Exchequer what percentage devaluation would be required to increase the surplus in the United Kingdom's trade in manufactures to the level of 1970.

Mr. Robert Sheldon

The level of the trade surplus in manufactures depends on a very large number of different factors of which the exchange rate is only one. I would not wish to make what could only be a highly speculative estimate.

Mr. Gould

asked the Chancellor of the Exchequer whether he expects the substantial decline over recent months in the competitiveness of exports of manufactures to the level of 1972 to encourage investment, employment and export-led growth.

Mr. Robert Sheldon

I would not want to attach great importance to very short-term movements in competitiveness, particularly over periods for which data are not complete. It is worth noting that the volume of manufactured exports in the three months to February 1977 was over 6 per cent. higher than a year earlier; that the level of employment in manufacturing stabilised during 1976; and that recent surveys suggest a rise in the volume of manufacturing investment this year of up to 15 per cent.