§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing for each month since the European monetary system was established the divergence of the pound sterling from the central rate of the European currency unit compared with that of the Norwegian krone, together with the relative volume and terms of trade each year for imports and exports of manufactures.
295W
§ Mr. Ian StewartNorway is not a member of the EMS and the krone does not therefore have a notional central rate against the ecu. The table shows the market rates of sterling and the hone against the ecu, for the period requested.
296W
Sterling Krone 1979 March 0.65411 6.90350 April 0.64327 6.87592 May 0.63685 6.84455 June 0.62835 6.95702 July 0.61156 6.97606 August 0.61425 6.96874 September 0.64036 6.96931 October 0.66069 6.89130 November 0.64971 7.09852 December 0.64647 7.08766 1980 January 0.63236 6.97705 February 0.62076 6.93487 March 0.60208 6.74511 April 0.61698 6.86666 May 0.60112 6.84939 June 0.60675 6.92268 July 0.60467 6.92588 August 0.58933 6.83279 September 0.58617 6.81351 October 0.55271 6.68702 November 0.56240 6.69571 December 0.54750 6.76424 1981 January 0.51767 6.70448 February 0.54187 6.52140 March 0.53954 6.49587 April 0.53523 6.34882 May 0.52829 6.27852 June 0.54401 6.33807 July 0.55358 6.26855 August 0.55396 6.21065 September 0.58923 6.30745 October 0.58651 6.45109 November 0.56545 6.34156 December 0.56770 6.84550 1982 January 0.56199 6.23209 February 0.55941 6.10454 March 0.55832 6.08254 April 0.57026 6.10329 May 0.56817 6.13934 June 0.55210 5.99409 July 0.55320 6.19521 August 0.54948 6.34056 September 0.54977 6.48297 October 0.54778 6.65459 November 0.57827 6.60368 December 0.60029 6.83657 1983 January 0.61244 6.70392 February 0.62003 6.76296 March 0.62473 6.65129 April 0.58985 6.54636 May 0.56325 6.47783 June 0.58343 6.50323 July 0.56684 6.37136 August 0.56459 6.32835 September 0.57483 6.31258 October 0.57472 6.34401 November 0.57284 6.27638 December 0.57060 6.34593 1984 January 0.57096 6.31010
February 0.57774 6.43513 March 0.59765 6.45407 April 0.58966 6.41387 May 0.59208 6.36700 June 0.59393 6.42025 July 0.59197 6.43759 August 0.59150 6.42553 September 0.59271 6.51000 October 0.60406 6.48741 November 0.60126 6.44754 December 0.61438 6.44786 1985 January 0.62262 6.44169 February 0.61009 6.38708 March 0.58402 6.44514 April 0.58245 6.44401 May 0.57183 6.41506 June 0.56775 6.43264 The information on trade in manufactures is in the table.
Trade in manufactures—United Kingdom and Norway Indices (1980)= 100 Export volume Import volume Terms of trade Norway 1979 100 88 96 1980 100 100 100 1981 99 103 102 1982 98 110 99 1983 105 109 101 1984 115 126 110 United Kingdom 1979 99 101 96 1980 100 100 100 1981 94 98 101 1982 95 106 101 1983 94 119 100 1984 102 130 99
§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing what effect on a recent date a pronounced movement in the pound sterling had on the central rate of the European currency unit and the divergence indicators for each member of the exchange rate mechanism.
§ Mr. Ian StewartSince 17 September 1984, sterling's notional central rate against the European currency unit has been £0.585992. The table shows sterling's market ecu rate and its divergence indicator in a recent week.
£/ECU £ divergence indicator* 17 June 1985 0.574080 - 106 18 June 1985 0.571922 - 126 19 June 1985 0.569682 - 146 20 June 1985 0.570452 - 139 21 June 1985 0.571337 - 131 * The divergence indicator is calculated by expressing the ecu's premium or discount against sterling (ie the percentage deviation of sterling's market ecu rate from its notional central rate) as a percentage of sterling's maximum divergence spread (ie 1.91 per cent.). The effect of movements in sterling on other countries' divergence indicators cannot readily be calculated. For purposes of calculating the divergence indicators of currencies that participate in the exchange rate mechanism an adjustment is made to eliminate that element of the change in the ecu's value due to movements of sterling, lira and the drachma outside notional 2¼ percent. bilateralmargins.