§ Mr. MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the effect of the current exchange rates for the euro on the balance of trade with Euroland. [70615]
§ Ms HewittThe trade balance reflects a variety of factors and it is difficult to isolate the effects of the exchange rate. In the three months to November 1998, shortly before the introduction of the Euro, the UK had a trade in goods deficit with the Eurozone economies of £1.8 billion, compared with £1.5 billion in the previous three months.