£ Sterling (Trading Currency)

HC Deb 08 July 1976 vol 914 cc661-2W

45. Sir David Renton

asked the Chancellor of the Exchequer what proportion of world trade is now transacted in £ sterling.

Mr. Robert Sheldon

Sterling invoicing is believed now to be largely confined to United Kingdom trade. On the assumption that about 30 per cent. of the imports and about 90 per cent. of the exports of the United Kingdom were invoiced in sterling, about 4 per cent. of world trade in goods was transacted in sterling in 1975.