§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his assessment of the percentage overvaluation suggested by the current account deficits in 1989 and 1994.
§ Mr. NelsonThe size of the current account deficit is affected by a large number of factors, including world trade, growth in United Kingdom export markets, export profit margins, domestic demand and competitiveness. The United Kingdom is currently very competitive, as seen by our strong export performance; in the third quarter of 1994 export volumes, excluding oil and erratics, were up 14 per cent. on a year earlier.