§ Dr. CableTo ask the Chancellor of the Exchequer how much sterling has changed its value in comparison with the currency of each of Britain's 30 leading trading partners since May 1997. [121021]
§ Miss Melanie JohnsonThe information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
Letter from John Kidgell to Mr. Vincent Cable, dated 11 May 2000:
The Director of the Office for National Statistics (ONS) has been asked to reply to your recent question on the value of sterling. I am replying in the Director's absence.The attached tables show how sterling has moved against the currencies of 30 of the UK's major trading partners between 14 May 1997 and 4 May 2000.The exchange rates data have been provided by the Bank of England.474W
Currency movements against sterling 1 between 14 May 1997 and 4 May 2000 for UK's top 30 trading partners2 £ exchange rate Country 14 May 1997 at 4 May 2000 % change on May 1997 Exports United States 1.6412 1.5448 -6 Germany 2.791 3.3862 +21 France 9.4 11.3574 +21 Netherlands 3.1388 3.8149 +22 Ireland 1.0778 1.3636 +27 Italy 2748.0417 3352.525 +22 Belgium/Luxembourg 57.6061 69.6859 +21 Spain 235.5943 288.0743 +22 Sweden 12.4884 14.0407 +12 Japan 194.0719 166.85 -14 Switzerland 2.3633 2.6782 +13 Saudi Arabia 6.1545 5.7926 -6 Norway 11.559 14.0294 +21 Australia 2.1092 2.6095 +24 Canada 2.2744 2.314 +2 Hong Kong 12.6967 12.0338 -5 Denmark 10.6253 12.8969 +21 South Africa 7.3559 10.663 +45 Singapore 2.3527 2.6581 +13 Portugal 280.6288 347.1166 +24 Turkey n/a n/a n/a Finland 8.4192 10.293 +22 India 58.837 67.4228 +15 Greece 445.914 582.33 +31 Austria 19.6452 23.8208 +21 Poland n/a n/a n/a have not been seeking work in the last 4 weeks, those who are seeking work but are not available to start and those who do not want a job (for example, students not working or seeking work).
Currency movements against sterling1 between 14 May and 4 May 2000 for UK's top 30 trading partners2 £ exchange rate Country 14 May 1997 at 4 May 2000 % change on May 1997 Israel 5.5784 6.326 +13 Brazil 1.7526 2.803 +60 Russia 9.4714 43.8569 +363 Malaysia 4.1388 5.8702 +42 Imports United States 1.6412 1.5448 -6 Germany 2.791 3.3862 +21 France 9.4 11.3574 +21 Netherlands 3.1388 3.8149 +22 Italy 2748.0417 3352.525 +22 Belgium/Luxembourg 57.6061 69.6859 +21 Japan 194.0719 166.85 -14 Spain 235.5943 288.0743 +22 Ireland 1.0778 1.3636 +27 Switzerland 2.3633 2.6782 +13 Sweden 12.4884 14.0407 +12 Hong Kong 12.6967 12.0338 -5 Norway 11.559 14.0294 +21 Canada 2.2744 2.314 +2 China 13.6097 12.7908 -6 Denmark 10.6253 12.8969 +21 Singapore 2.3527 2.6581 +13 Finland 8.4192 10.293 +22 Portugal 280.6288 347.1166 +24 Taiwan 45.5597 47.3404 +4 South Korea 1455.9085 1716.659 +18 Australia 2.1092 2.6095 +24 Malaysia 4.1388 5.8702 +42 South Africa 7.3559 10.663 +45 Austria 19.6452 23.8208 +21 India 58.837 67.4228 +15 Russia 9.4714 43.8569 +363 Turkey n/a n/a n/a Thailand 42.5399 59.4362 +40 Greece 445.914 582.33 +31 1 There is no such thing as an 'official exchange rate'. Exchange rates vary during the day and depending on what time you measure them will influence any average rate calculated. The Bank of England measures representative exchange rates in the London interbank market every day at around 4pm. These rates are the spot middle market rates i.e. The difference between the bid rate (what a bank will sell currency to you at) and the offer rate (what bank will buy a currency from you at) for spot) i.e. Today-but may settle in two to seven days time). 2 Based on the value of trade in goods and services (exports and imports) in 1998. Source:
UK Balance of Payments 1999 edition
Bank of England and ONS