HC Deb 07 July 1992 vol 211 cc162-3W
Mr. Clifton-Brown

To ask the Chancellor of the Exchequer what was the variation in the position of the pound sterling against the deutschmark as at the close of business on each of the 10 working days following the reductions in the United Kingdom's bank base lending rates on(a) 8 October 1990, (b) 13 February 1991, (c) 27 February 1991, (d) 22 March 1991, (e) 12 April 1991, (f) 24 May 1991, (g) 12 July 1991, (h) 4 September 1991 and (i) 5 May 1992.

Mr. Nelson

The percentage differences from sterling's central exchange rate mechanism rate of DM2.95 as at the third concertation among central banks for the days in question were as follows:

Date Percentage
9 October 1990 +1.95
10 +2.10
11 +2.06
12 +1.77
15 +0.70
16 +0.68
17 0.76
18 +0.14
19 +0.02
22 +0.03
14 February 1991 -1.62
15 -1.36
18 -1.38
19 -1.33
20 -1.19
21 -1.10
22 -0.95
25 -0.62
26 -0.88
27 -1.15
28 -1.11
1 March 1991 -1.13
4 -1.27
5 -1.17
6 -1.21
7 -1.04
8 -0.85
11 -0.85
12 -0.98
13 -0.76
25 -0.20
26 +0.45
27 +0.69
28 +0.86
2 April 1991 +0.76
3 +0.63
4 +0.71
5 +0.97
8 +1.23
9 +1.26
15 +0.97
16 +0.97
17 +0.94
18 +1.32
Date Percentage
19 +1.48
22 +1.35
23 +1.09
24 +0.59
25 +0.31
26 +0.22
28 May 1991 +0.34
29 +0.24
30 +0.03
31 +0.10
3 June +0.46
4 +0.47
5 +0.34
6 +0.22
7 +0.30
10 +0.13
15 July 1991 +0.14
16 +0.39
17 +0.19
18 +0.16
19 +0.19
22 +0.27
23 +0.24
24 -0.25
25 -0.28
26 -0.46
5 September 1991 -0.14
6 -0.25
9 -0.30
10 -0.57
11 -0.70
12 -0.87
13 -1.02
16 -1.23
17 -1.23
18 -1.23
6 May 1992 -0.76
7 -0.38
8 -0.18
11 -0.29
12 -0.27
13 -0.25
14 -0.44
15 -0.60
18 -0.64
19 -0.78

Mr. Clifton-Brown

To ask the Chancellor of the Exchequer when he considers it will be prudent to move the pound sterling into the narrow band of the exchange rate mechanism; and if he will make a statement.

Mr. Nelson

Sterling will move to the narrow band of the ERM in due course at the current central rate of DM2.95.

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