HL Deb 18 March 2003 vol 646 cc20-1WA
Lord Pearson of Rannoch

asked Her Majesty's Government:

Further to the debate on the euro and the dollar on 29 January (HL Deb, cols. 1223–46), what percentages of the United Kingdom economy, measured by total final demand, are involved in (a) the domestic economy; and (b) exports to (i) the European Union; and (ii) the rest of the world. [HL2023]

Lord McIntosh of Haringey

Table 3 of the 2002 input output tables gives a breakdown of total final demand in the United Kingdom economy. Table 9.3 of theUnited Kingdom Balance of Payments: The Pink Book 2002 gives a breakdown of UK trade in goods and services. These can be found at http://www.statistics.gov.uk.

Lord Pearson of Rannoch

asked Her Majesty's Government:

Further to the debate on the euro and the dollar on 29 January (HL Deb, cols. 1223–46), what percentages of the United Kingdom economy, measured by total final demand, are denominated in (a) sterling; (b) the United States dollar; (c) the euro; and (d) other currencies; and what methodology they use to calculate such percentages. [HL2024]

Lord McIntosh of Haringey

These figures are unavailable as a percentage of total final demand.

Lord Pearson of Rannoch

asked Her Majesty's Government:

Further to the debate on the euro and the dollar on 29 January (HL Deb, cols. 1223–46), what evidence they have to support the statement by Lord McIntosh of Haringey that, "it is where we do the trade, not the currency in which we invoice, that matters … A large proportion … of UK trade is in sterling … If we entered the euro, all that trade would instantly be invoiced and denominated in the euro". (HL Deb, col. 1243) [HL2025]

Lord McIntosh of Haringey

As set out in the Paper for the Treasury Committee on the Treasury's approach to the preliminary and technical work, published on 6 September 2002, a number of supporting studies will be published alongside the assessment of the five economic tests. A supporting study will be published examining the likely impact of EMU on UK external trade with the euro area and the rest of the world. Further detail can be found in the 6 September paper.