Mr. Gouldasked the Chancellor of the Exchequer what assumptions he makes about the relationship between changes in (a) the value of output of North sea oil and (b) manufacturing output, when determining his monetary and exchange rate policies.
§ Mr. MooreThere is no unique and clearly defined relationship between the value of output of North sea oil and manufacturing output. The framework of monetary policy, including the role of the exchange rate, is described in the MTFS.