§ Lord O'HAGAN
asked Her Majesty's Government:
How much the pound has declined in value since 1st January 1973; and to what extent this decline is the result of membership of the EEC.
§ Baroness BIRK
The pound depreciated against the dollar by 17.7 per cent. between the opening middle market rate on 1st January 1973 and the closing middle market rate on 20th January 1977, and sterling's trade weighted effective index declined by around 25 per cent. over the same period. However it is not possible to assess what, if any, effect membership of the EEC may have had on the value of sterling.