Written question asked by Lord Redwood (Conservative) on Wednesday, 3 February 1999, in the House of Commons. It was due for an answer on Thursday, 11 February 1999. It was answered by Stephen Byers (Labour) on Thursday, 11 February 1999 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, what estimate he has made of the impact on industrial costs resulting from (a) a one per cent. revaluation of the pound and (b) a one per cent. increase in interest rates.

Answer: Mr. Redwood: To ask the Secretary of State for Trade and Industry what estimate he has made of the impact on industrial costs resulting from (a) a 1 per cent. revaluation of the pound and (b) a 1 per cent. increase in interest rates. [69812] Mr. Byers: The tough and decisive action taken by the Government on macroeconomic policy, including giving the Bank of England independence, will bring benefits to industry through long-term stability, in sharp contrast to the damaging cycle of boom and bust that cost industry so dear under the last Government.

Secondary information