§ Mr. Austin Mitchellasked the Chancellor of the Exchequer (1) what is his estimate of the effect on the volume of imports of finished manufactures of an increase of 10 per cent. in the real exchange rate, measured in terms of relative export prices, all other considerations remaining the same;
(2) what is his estimate of the effect on the volume of exports of finished manufactures of an increase of 10 per cent. in the real exchange rate, measured in terms of relative export prices, all other considerations remaining the same.
§ Mr. LilleyI refer the hon. Member to the documentation for the Treasury macroeconomic model which was published in January. The estimates it contains are uncertain, subject to a margin of error and are kept under review.