§ Mr. WrayTo ask Mr. Chancellor of the Exchequer what assessment has been made by the Treasury of the relative effect of the rise in interest rates on(a) the consumption of imported goods and (b) the consumption of British-made goods.
§ Mr. LilleyA rise in interest rates is likely to have a greater immediate proportionate impact on the consumption of imported goods than on total consumers' expenditure, since expenditure on consumer durables, which is relatively sensitive to interest-rate changes, has a higher import content than the rest of consumers' expenditure.