HC Deb 18 May 1977 vol 932 cc174-5W
Mr. Ian Stewart

asked the Chancellor of the Exchequer what movements in the exchange rate for the £ sterling have been assumed for the purposes of his forecast that inflation will be down to single figures by the second quarter of 1978.

Mr. Denzil Davies

The Budget forecasts to mid-1978 were constructed on the assumption that the competitive position of the United Kingdom relative to other countries is broadly maintained.