§ 16. Mr. Arnoldasked the Chancellor of the Exchequer what formula he uses for calculating any increase in import prices resulting from a fall in the value of sterling.
§ Mr. Joel BarnettOn the basis of past relationships, a fall in the value of sterling could be expected to lead, after a short lag, to the same proportional rise in import prices of basic materials and fuel; and a less than proportional rise in import prices of food and manufactures. For imports of goods in total, I would expect a 1 per cent. fall in the value of sterling—equivalent to a 1.1 per cent. increase in world prices measured in sterling—to
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§ Mr. StrangMy right hon. Friend is sympathetic to the idea of worker representation on these committees. He recently received representations from the NUAAW on the matter and is awaiting further information from them.