§ Mr. Teddy Taylor
asked the Chancellor of the Exchequer by what percentage the value of the £ sterling has depreciated by comparison with the average value of the currencies of the original six members of the EEC since 1st January 1973 and 1st January 1974, respectively; and by what estimated percentage this movement of currencies has made British goods more competitive.
§ Mr. Dell
Since 1st January 1973 and 2nd January 1974 the value of sterling, in comparison with the average value of the currencies of the six original members of the EEC, has depreciated by 10 per cent. 179W and 2½ per cent. respectively. The depreciation of sterling in terms of both this particular group of European currencies and the more appropriately weighted basket of all major currencies, including the US dollar and the yen, is an important influence on the relative competitiveness of British exports, but there are, of course, many other factors.