§ Mr. Dixonasked the Chancellor of the Exchequer whether he will publish in the OFFICIAL REPORT a tabulation showing from January 1970 to the latest available month (a) the terms of trade, (b) the £ sterling's effective exchange rate, as published in the "Economic Progress Report," and (c) an index calculated by dividing (a) by (b).
§ Mr. NottIndices of the terms of trade and sterling's effective exchange rate are shown below, as far as they are available. It would be misleading to publish an index requested at (c) as it is not a meaningful calculation.
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TERMS OF TRADE* 1970 1971 1972 1973 1st quarter … 99.4 102.6 January … … 102.7 98.7 February … … 103.2 96.7 March … … 103.5 95.2 2nd quarter … 99.7 100.6 April … … 103.5 95.2 May … … 103.6 93.3 June … … 103.6 92.3 3rd quarter … 101.9 101.7 July … … 102.0 90.8 August … … 103.8 89.0 September … 103.4 84.5 4th quarter … 102.3 103.9 October … … 101.1 November … 98.9 December … 98.3 * 1970 = 100. Balance of payments basis. Monthly average rates as will be published in December Economic Progress Report.
STERLING'S EFFECTIVE EXCHANGE RATE* 1970 1971 1972 1973 January … … 99.6 98.9 99.1 89.7 February … … 99.7 99.3 99.4 89.0 March … … 99.7 99.3 99.4 88.1 April … … 99.5 99.4 99.4 88.6 May … … 99.4 99.1 99.3 89.1 June … … 99.0 98.6 95.8 87.5 July … … … 98.6 98.3 92.6 84.1 August … … 98.2 98.2 92.9 82.6 September … … 98.2 98.3 92.5 81.6 October … … 98.3 98.5 90.6 80.9 November … … 98.3 98.4 89.3 December … … 98.4 98.5 89.5 * 1st quarter 1969 = 100.