§ 29. Mr. Trotter
asked the Chancellor of the Exchequer what has been the fall in the international value of the £ sterling since 1st March 1974; and what have been the reasons for the recent significant devaluation of its exchange rate.
§ Mr. Healey
The sterling-dollar rate fell from £1=$2.2880 to £1=$1.9270 between 1st March 1974 and 24th March 1976. Over the same period the effective538W depreciation of sterling increased from 18.4 per cent. to 33.6 per cent. The circumstances of the recent decline of sterling were described by my right hon. Friend the Prime Minister in the House on 11th March.