§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the extent to which the improvement in the current account deficit in 1994 forecast in the Red Book is due to(a) an improvement in the balance of visible trade less oil and erratics; and (b) an improvement in the balance of trade in finished manufactures (i) with the EEC and (ii) with other countries.
§ Mr. NelsonThe Treasury does not publish forecasts of the balance of visible trade less oil and erratics or of the balance of finished manufactures. Nor does it publish forecasts separately for trade with other EC countries and 191W with non-EC countries. Forecasts of the balances of trade in manufactures, oil and other goods are shown in Table 3.3 of the "Financial Statement and Budget Report". Figures for the first three quarters of 1994 are available on the Central Statistical Office database, which can be accessed through the House of Commons Library.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his estimate of the amount by which the exchange rate would have to fall to enable the United Kingdom to bring the current account back into balance in conditions of full employment at the maximum sustainable rate of growth, all other things being equal.
§ Mr. NelsonAchieving the maximum sustainable rate of growth depends on continuously improving all aspects of performance across the whole economy—on competitiveness in a broad sense.