§ Mr. Gouldasked the Chancellor of the Exchequer whether he is satisfied that costs in export and import-saving industries have fallen by as much as the International Monetary Fund index of relative normal unit labour costs; and, if so, if he will provide supporting details in the Official Report.
§ Mr. Robert SheldonI regret that it is not possible to give a precise answer in the terms my hon. Friend specifies. However, it is fair to point out that as most manufacturing output is in actual or potential competition with overseas products, the index gives a useful guide to the movement of normal unit labour costs in these industries compared to those in other countries.
§ Mr. Gouldasked the Chancellor of the Exchequer what is his latest forecast for imports and exports in the second half of 1978 on the basis of the current exchange rates.
§ Mr. Robert SheldonAn estimate will be presented in the Financial Statement and Budget Report.