§ Mr. Marten
asked the Chancellor of the Exchequer by what percentage the external value of sterling fell between: (a) June 1970 and June 1973, (b) July 1973 and the end of February 1974 and (c) March 1974 to date.
§ Mr. Robert Sheldon
I assume the hon. Member is interested in the effective exchange rate of sterling, which shows the change since Smithsonian parities on a trade-weighted basket of the currencies of our 10 major trading partners. This fell from 99.1 to 87.5 between June 1970 and June 1973; from 84.1 to 82.0 between July 1973 and end-February 1974; and from 82.5 to 60.2 between March 1974 and 7th June 1976.