Sterling’s recent depreciation may already have begun to lift the level of exports,
including in manufactured goods, although in some cases exporters appear to
have used it to raise profits (by holding their prices constant) rather than sales.124
Around two-thirds of input costs are domestic in origin, meaning that they are
priced in pounds, while around one-third are imported components, meaning that
they are purchased at world prices. As a result, a 15 per cent reduction in the value
of sterling translates into a 5 per cent reduction in price on world markets. Given
the intensity of price competition for manufactured goods, this has the potential
to improve the UK’s competitiveness.
10% I think, no?