§ Mr. Greville Jannerasked the Chancellor of the Exchequer what was the value of the £ sterling on 30th June 1973, as compared with its value/buying power on 30th June 1958.
§ Mr. NottTaking the internal purchasing power of the £ sterling as 100p in June 1958, its value in May 1973, the latest date available, is estimated at 53½ p. This esimate is based on the movement in the Consumer Price Index between 1958 and 1968 and on the movement in the General Index of Retail Prices for other periods.
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TABLE I Sterling High values June 1968, 1969, 1970, 1971, 1972 and 1973 1968 1969 1970 1971 1972 1973 US dollar … … 2.3871 2.3913 2.4006 2.4197 2.6127 2.5840 Canadian dollar … … 2.5712 2.5850 2.5100 2.4785 2.5644 2.5815 Belgian franc … … 119.05 120.39 11915 120.83 114.60 98.15 Swiss franc … … 10.2835 10.3480 10.3613 9.9230 10.0355 7.9650 French franc … … 11.8725 11.8893 13.25 13.3783 13.0638† 11.16† Italian lira … … 1486.80 1501.25 1509.85 1512.80 1514.00 1597.78† Dutch guilder … … 8.6493 8.7205 8.7063 8.6450 8.3681 7.1965 Deutschemark … … 9.5463 9.5730 8.7270 8.62 8.299 6.8805 Swedish krona … … 12.335 12.369 12.472 12.4925 12.3925 11.02 Japanese yen … … * * * 864.78 794.75 684.63 Notes: * Not available. † Commercial rate. the published quarterly estimates of the gross trading profits of all companies relating to years ending in the period concerned. As regards the retail price index, I would refer the hon. Member to the reply given to him on 10th July by my hon. Friend the Minister of State, Department of Employment.
§ Mr. Sillarsasked the Chancellor of the Exchequer if he will publish a table showing the value of the £ sterling at its highest point against all other major currencies in June of each year since 1968; and if he will publish a table showing the value of the £ sterling at its highest and lowest point against all other major currencies in each month of the current year.
§ Mr. NottThe information is in the following tables. The rates used are the London middle market closing rates for sterling, and the major currencies have been defined as those of the countries of the Group of Ten plus Switzerland.
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TABLE II Sterling High and Low Values January to 10th July 1973 (a) High Values January February March April May June July (up to 10th July) US dollar 2.3822 2.49 2.5005 2.4895 2.5710 2.5840 2.5799 Canadian dollar. 2.3793 2.4755 2.49 2.4975 2.5705 2.5815 2.5780 Belgian franc 104.37 104.46 99.09 100.3 100.6 98.15 92.85 Swiss franc 8.8610 8.5875 8.0650 8.0870 8.1513 7.9650 7.4438 French franc* 12.0485 11.975 11.293 11.3705 11.439 11.16 10.5738 Italian lira† 1385.75 1409.45 1442.2 1470.13 1511.63 1597.78 1498.38 Dutch guilder 7.5975 7.5705 7.2755 7.3665 7.383 7.1965 6.7275 Deutschemark 7.5595 7.52 7.05 7.0838 7.1208 6.8805 6.1888 Swedish krona 11.2163 11.2365 11.1538 11.2573 11.339 11.02 10.385 Japanese yen 717.25 718.38 665.0 660.75 678.9 684.63 683.75 (b) Low Values January February March April May June July (up to 10th July) US dollar 2.3460 2.3665 2.4475 2.4785 2.4885 2.5685 2.5485 Canadian dollar 2.3358 2.3676 2.4350 2.4738 2.496 2.5615 2.546 Belgian franc 103.43 98.05 96 99.23 98.45 93.13 88.03 Swiss franc 8.6050 7.7938 7.8038 8.0125 7.9060 7.5513 6.7813 French franc* 11.9375 11.1735 11.035 11.2325 11.1405 10.8425 9.8850 Italian lira† 1366.5 1375.5 1372.13 1449.88 1464.88 1482 1470.38 Dutch guilder 7.555 7.07 7.0063 7.2863 7.23 6.7775 6.4088 Deutschemark 7.5013 7.0615 6.8750 7.0105 6.9295 6.26 5.775 Swedish krona 11.1313 10.8638 10.5625 11.1225 10.9513 10.5138 10.135 Japanese yen 706.6 643.25 626.05 656.25 660.5 677.63 665.75 Notes: * Commercial rate. † From February 1973, commercial rate.