Enterprise Initiative

Part of Prayers – in the House of Commons at 1:33 pm on 4th March 1988.

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Photo of Austin Mitchell Austin Mitchell , Great Grimsby 1:33 pm, 4th March 1988

Does not the Minister realise that it is precisely because those countries built their industrial power that they can sustain an appreciation in their currency? We cannot, because we are weaker. If a country's output of motor cars is 3 million, 4 million, 5 million, 6 million or, in the Japanese case, 7 to 8 million, it can spread the costs of research and design over the larger output. British Leyland produces just over 400,000 cars, which is probably about the same figure as in the late 1940s. We cannot afford the appreciation because we have not grown as much as those countries have.