§ Mr. Austin Mitchellasked the Chancellor of the Exchequer, further to his reply dated 3 November 1980 to written questions from the hon. Member for Grimsby concerning the effect of changes in the real exchange rate, whether the figures quoted are consistent with those given in reply to a question from the hon. Member for Kingston-upon-Thames (Mr. Lamont) in April 1976; and, if not, whether he will publish in the Official Report his reasons for the changes made.
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§ Mr. LawsonThe reply dated 3 November to the hon. Member's earlier questions quoted estimates for the long-run cost competitiveness elasticities for exports and imports of manufactures derived from the most recent version of the Treasury model.
The economic relationships in the Treasury model are the object of continuous research, which lead to revisions from time to time in the estimates of the parameters of those relationships.
It should therefore come as no surprise to the hon. Member that the figures given in my earlier reply were not the same as those given in a previous reply to a similar question from my hon. Friend the Member for Kingston-upon-Thames (Mr. Lamont) four and a half years ago.