§ Mr. Gouldasked the Chancellor of the Exchequer (1) when he proposes to fulfil his undertaking in his Letter of Intent to the International Monetary Fund to manage the exchange rate "consistently with the continued maintenance of the competitive position of United Kingdom manufactures both at home and overseas";
(2) what was the rate for the £ sterling on 15th December 1976 and what movement there has been in the rate since then.
§ Mr. Robert SheldonThe sterling/dollar date was $1.6810 at the close on 15th December and $1.7020 at the end of December: since then it has moved between $1.70 and $1.72 and was $1.7180 at the close on 11th March.
I cannot comment in detail on exchange market policy, but the Government's intentions in this respect remain as stated in the Letter of Intent to the IMF. As my right hon. Friend has
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§ Mr. Gouldasked the Chancellor of the Exchequer what are the latest available figures for movements in export prices for manufacturers, import prices for manufactures and wholesale prices since January 1976.
§ Mr. Robert SheldonThe information requested is as follows:
repeatedly made clear, he does not regard simultaneous maintenance of exchange market stability and of competitiveness as incompatible.