§ 75. Mr. Sheldonasked the Chancellor of the Exchequer what are the calculations which have led him to estimate the current differential advantage of the devaluation of 1967 at 7 per cent.
§ Mr. TaverneI take it that my hon. Friend is referring to the statement made in the Budget debate by the President of the Board of Trade. This calculation was based on the reduction in the average dollar price of United Kingdom exports since devaluation in comparison174W with the average dollar prices of our main competitors' products.