§ Mr. Heddleasked the Chancellor of the Exchequer if he will list (a) pound sterling's value against the US dollar and (b) the pound sterling effective exchange rate at the following dates: (i) 4 March 1974, (ii) 4 May 1979 and (iii) latest available date.
§ Mr. Bruce-GardyneThe value of the pound sterling against the US dollar on 4 March 1974 was $2.2820; on 4 May 1979 it was $22.0742; on 18 February 1983 it was $12.5435.
The effective exchange rate for the pound is not readily available for individual days in 1974 and 1979 as the current index—1975 average = 100—was not used in those years. However, the Bank of England has retrospectively calculated monthly average values of the index. The average value for March 1974 was 108.4, and for May 1979 was 86.3. On 18 February 1983 the index was 80.7.