§ Mr. Austin MitchellTo ask the President of the Board of Trade what effect the Government's monetary and exchange rate policies have had on the demand for British-produced cars at home and abroad. [36205]
§ Mr. EggarThe Government's monetary policy is to deliver low inflation and this has been around 3 per cent. for two years. This gives businesses the confidence to invest in the UK. Along with a competitive pound, increases in productivity over the years have allowed British-based manufacturers to operate much more effectively.
Continuing healthy demand for British cars was reflected in 1994 total car production figures of 1,466,800, of which 618,700–42 per cent.—were for the export market. This represents a 6.3 per cent. increase in production and 38.7 per cent. in exports over 1993.