§ Mr. Austin Mitchell
asked the Chancellor of the Exchequer what have been the changes in the exchange rate of the £ sterling against the U.S. $, the deutschemark, the French franc, the Dutch 296W guilder and the Japanese yen, since October 1976 and the deficit in the trade in manufactures with each of those countries in 1976 and 1978.
§ Mr. Lawson
The percentage change in the exchange rate of the £ sterling against the specified currencies was as follows, between October 1976 and May 1979: US$ +25.5 per cent., deutschemark -1.4 per cent; French franc +7.3 per cent.; the Dutch guilder +2.4 per cent.; and the Japanese yen - 5.8 per cent.
The table below shows the crude balance of trade in manufactures for the United Kingdom with each of these countries in 1976 and 1978.
£ million 1976 1978 USA. -184 -247 West Germany -1,032 -1,866 France -126 -519 The Netherlands +34 +159 Japan -464 -800 (—indicates a trade deficit; + a trade surplus.) Notes: (i) The exchange rate changes are based on the monthly average of daily telegraphic transfer rates in London. (ii) The crude trade balance is the difference between the value of exports (valued fob) and imports (valued cif) as published in the Overseas Trade Statistics of the United Kingdom. The figures for 1978 include trade in second hand ships and aircraft.