§ Mr. PikeTo ask the Secretary of State for Trade and Industry what assessment his Department has made of the effect of high interest rate levels on manufacturing industries in the north-west.
§ Mr. Douglas HoggNorth West industry is very diverse which means that the impact of present interest rates may vary. My Department's assessment is that the current policy is having its desired effect in the region. Industry is performing well, profits are satisfactory and essential investment by companies intended to secure their position in the market is being maintained. The region's manufacturing companies recognise the importance of defeating inflation and are responding well to the present situation.