§ 25. Mr. PawseyTo ask the Chancellor of the Exchequer what the likely level of exports will be by the end of 1993 on present trends; and what was the comparable figure for 1992.
§ Mr. PortilloIn 1992, the value of non-oil exports was £100 billion. In 1993 I expect them to be over £114 billion, a rise of over 14 per cent.
§ 28. Mr. BurnsTo ask the Chancellor of the Exchequer whether he will make a further statement about the measures announced in the Budget to assist the growth of exports.
§ Mr. LamontI have responded to requests for support from exporters by cutting export credit premiums and extending the cover available in key markets by £1,300 million over the next three years.
370WThis increase is in addition to the extra £500 million of cover for 1993–94 which I announced in the autumn statement, and means that by 1995–96 the annual allocation of cover will have risen by 75 per cent. since 1991–92. Particular attention will be paid to countries where the prospects for British exports are good, for example Hong Kong, China, Indonesia, South Africa and Malaysia.
For 1993–94, the premiums paid by exporters will be cut by 7½ per cent. on average, compared with the previous year, when premiums were also cut. Average premiums will be over 25 per cent. lower in 1993–94 than in 1991–92.
More generally, exporters will benefit from the cuts in the tax burden on business, such as the reduction in advance corporation tax, improved VAT relief for bad debts and lower rates bills. Small businesses will also benefit from other measures such as the extension of the loan guarantee scheme and changes to VAT and capital gains tax.