HC Deb 22 October 1979 vol 972 c53W
49. Mr. Jim Marshall

asked the Chancellor of the Exchequer if he will estimate the effect on the United Kingdom's terms of trade of recent changes in exchange rates.

Mr. Lawson

The relationship between exchange rate changes and the terms of trade is uncertain and not readily quantifiable. A rise in the exchange rate tends in the first instance to improve the terms of trade but this effect may well be temporary.