§ Mr. HoyleTo ask the Secretary of State for Trade and Industry if he will make a statement on the effect of the strong pound on UK manufacturing industry in the last 12 months. [105271]
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§ Mr. Alan JohnsonThe Government understand the concerns of businesses, and particularly manufacturers trading with Europe, about the value of the pound. However, there are increasing signs that companies are adjusting to the high value of sterling. In the third quarter the volume of exports of goods and services grew at the fastest rate for 20 years. Manufacturing output also increased over the same period by 1.2 per cent., the fastest quarterly rate of growth since 1994, and the CBI's business confidence indicator is also at its highest level since April 1995.