§ 45. Mr. Molloyasked the Chancellor of the Exchequer what estimate he has made of the likely effect on sterling of the recent pay agreement with the TUC.
§ Mr. Robert SheldonI would refer my hon. Friend to the answer my right hon. Friend the Chancellor of the Exchequer gave on 13th May to the hon. Member for Eastbourne (Mr. Gow).
§ 46. Mr. Ripponasked the Chancellor of the Exchequer what was the percentage fall in the value of the £ sterling against the dollar between 1st June 1970 and 31st March 1974; and what was the corresponding fall between 1st April 1974 and the present date.
§ Mr. Robert SheldonThe sterling/dollar rate at the close on 19th May was 1.8082 compared with 2.3988 and 2.3945 on 1st June 1970 and 29th March 1974 respectively. These rates represent falls of 0.2 per cent. and 32.4 per cent. in the value of sterling against the dollar over the periods in question. A better overall indicator of the performance of sterling 675W is the change in its effective level in terms of a basket of the currencies of our major trading partners. On this basis the percentage fall in the value of sterling over the specified periods were 16.7 per cent. and 24.7 per cent.