HC Deb 06 February 1978 vol 943 cc416-7W
Mr. Ridley

asked the Chancellor of the Exchequer if he will publish in summary form the evidence from the work of the 40 sector working parties demonstrating that it is possible to improve the balance of payments by some £2½ billion by 1980.

Mr. Joel Barnett

My right hon. Friend the Secretary of State for Industry has placed in the Library of the House copies of the two main papers which were considered by the National Economic Development Council on 1st February. The paper entitled "Industrial Strategy: Analysis of Sector Reports" contains a summary of the sector working parties' objectives for exports and imports; they were asked to set themselves ambitious but realistic targets for home and overseas market shares in 1980. It is not possible to provide information from individual sector working party reports. Although some sector working parties have decided to publish their reports, whether or not to publish is a matter for them alone.

Change in volume Exports of manufactures Imports of manufactures
Per cent. Per cent.
First nine months of 1977 over preceding nine months … … +7.5 +8.5
Whole of 1977 over whole of 1976 … … +8.6 + 11.2
September to December 1977 over preceding four months … … -2.7 +1.6

Mr. Gould

asked the Chancellor of the Exchequer what are the latest available figures for (a) the index of comparative export prices for manufactures; (b) the index of terms of trade; (c) the index of comparative unit labour costs; (d) the

Index numbers 1970=100
Relative export price of manufactures Terms of trade Relative normal unit labour costs Wholesale prices: all manufactured items Export price of manufactures Import price of manufactures
1976—
1st quarter … 99.2 81.4 99.0 206.9 214 206
2nd quarter … 94.4 80.0 91.8 214.4 229 227
3rd quarter … 95.0 80.3 90.1 223.2 242 241
4th quarter … 90.4 79.1 82.4 233.9 256 258
1977—
1st quarter … 95.5 80.4 85.1 248.0 268 261
2nd quarter … 97.7 80.1 85.2 259.2 274 268
3rd quarter … 99.9 81.5 84.7 267.7 281 266
4th quarter … 104.1 84.8 88.3 272.0 289 264

The figure for relative normal unit labour costs are produced and made available by the Research Department of the IMF. The figures for 1977 3rd quarter and 4th quarter for this index and for the index of relative export prices are Treasury estimates.