§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what influence the levels of export margins have on decisions on interest rate levels; and what criteria are used to determine whether export margins are considered to be excessive. [16990]
§ Mr. NelsonInterest rates decisions are based on a wide range of information, including monetary and other financial indicators, indicators of activity and indicators of costs. The price of UK exports, and hence the export margin, is a matter for the individual firms concerned. But export volumes in the fourth quarter were up 13½ per cent. on a year earlier, so margins do not appear excessive.