§ Mr. Austin Mitchell
asked the Secretary of State for Industry if he will estimate the increase in the productivity of the labour force in the steel industry that would be required to enable the ex-works price of the end product to be reduced by 10 per cent.; and what effect such a reduction would have on imports and exports, in terms of a central estimate, all other considerations remaining the same.
§ Mr. David Mitchell
The required increase in labour productivity for this in the iron and steel industry is about 50 per cent. The trade effects of this price reduction cannot be estimated with any degree of accuracy.