17. Mr. Alan W. WilliamsTo ask the Secretary of State for Wales if he will make a statement outlining the prospects for the Welsh economy during 1994.
§ Mr. RedwoodWelsh industry has extremely high productivity. We have seen a long-term trend of falling unemployment with a further fall of 1,800 in Wales last month; low inflation; low interest rates; and competitive exchange rates. All of these factors have given Welsh companies a competitive edge which they are using to the full. Welsh industry is in a strong position to take advantage of improving trading conditions both at home and overseas, which will be improved even further with the accord reached in the Uruguay round.