§ Mr. Gouldasked the Chancellor of the Exchequer to what level, using the central estimate of his Department's current computer model, the £ sterling would have to be devalued now to establish a current account balance by the end of 1977.
§ Mr. Denzil DaviesThe current account is affected by a wide variety of factors, of which the exchange rate is only372W one. Much of the effect on the current balance of payments of a change in the exchange rate is not achieved within a year.