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Interest Rates

Volume 167: debated on Wednesday 14 February 1990

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127.

To ask the Chancellor of the Exchequer if he will assess the impact of the current level of interest rates upon United Kingdom export performance; and if he will make a statement.

In the fourth quarter of 1989, the volume of exports (less oil and erratics) was 4 per cent. higher than in the previous quarter and 15 per cent. higher than a year earlier. This is clear evidence that production is being switched to export markets as domestic demand has slowed in response to the tightening of policy.