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The Economic Background

Volume 929: debated on Tuesday 29 March 1977

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The United Kingdom is a trading nation. This means we cannot sustain our economic recovery without a major improvement in our trade performance so that we win and hold a larger share of both home and export markets. But the speed of our recovery will also depend heavily on conditions in the world economy and the growth of world trade. So I begin my review of the economic background to the Budget with a look at the world economy.