Balance of Trade

HC Deb 11 May 1993 vol 224 cc400-1W

Mr. Harry Greenway

To ask the Chancellor of the Exchequer what action he is taking to improve Britain's balance of trade; and if he will make a statement.

Mr. Portillo

[holding answer 6 May 1993]: The Government can best assist traders by keeping inflation low. Inflation rates this year are the lowest for over 25 years. Interest rates are the lowest in the European Community.

In his Budget my right hon. Friend the Chancellor further improved the assistance available to exporters from the ECGD by cutting premiums for 1993–94 by 71 per cent. on 1992–93 levels; increasing cover in high exposure markets by £1,300 million over the next three years; and by relaxing restrictions for export credits on some high growth markets.