§ Mr. RedwoodTo ask the Chancellor of the Exchequer what assessment he has made of the impact of the present level of sterling on(a) jobs and (b) export volumes over the next year. [28549]
§ Dawn Primarolo[holding answer 9 February 1998]: The precise impact of sterling's appreciation on both employment and export volumes is hard to isolate. The Pre-Budget Report forecast showed growth in export volumes slowing to around 5 per cent. in 1998, with strong growth in UK export markets helping to mitigate the effects of the strong pound. Latest data show employment continuing to grow throughout the economy. A fully updated forecast will be published with forthcoming Budget.