§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what is the direct and indirect cost to the Exchequer of export promotion; how much is recovered in fees; and what is his estimate of the effect in terms of(a) increased exports and (b) the real exchange rate.
§ Mr. RedwoodThe cost, net of receipts, of export promotion services operated by my Department and by the Foreign and Commonwealth Office overseas was £102.4 million in 1988–89. Receipts totalled £16.4 million. These services make a valuable contribution to non-oil exports which reached a record level in 1988. There are many different influences on the real exchange rate and the effect of export promotion cannot be separately identified.