HC Deb 26 April 1977 vol 930 cc306-8W
Mr. Knox

asked the Chancellor of the Exchequer if he will publish in the Official Report a table showing for each month since February 1974 the new and old indices of the trade weighed depreciation of sterling.

Mr. Robert Sheldon

Values of the effective exchange rate for sterling based on the old and new methods of calculation are given below:

December 1971 = 100
New Old
1974—
January 82.4 81.6
February 82.9 81.7
March 83.9 82.4
April 84.6 83.0
May 84.7 82.6
June 84.8 82.9
July 84.8 83.0
August 84.2 82.5
September 83.6 82.0
October 83.7 81.6
November 82.6 80.2
December 81.6 78.9
New Old
1975—
January 81.5 78.3
February 81.6 78.4
March 81.9 78.6
April 81.0 78.0
May 78.8 75.6
June 77.4 74.0
July 76.0 73.2
August 74.9 72.5
September 74.6 72.2
October 73.4 70.5
November 73.0 70.5
December 72.6 69.9
New Old
1976—
January 72.8 70.0
February 72.7 69.7
March 70.5 67.1
April 67.2 63.3
May 65.8 62.0
June 64.3 60.6
July 65.1 61.5
August 64.8 61.0
September 62.5 58.4
October 59.2 54.3
November 59.1 54.1
December 60.5 55.4
New Old
1977—
January 61.8 56.9
February 61.7 56.9
March 61.9 na

Both indices are averages of daily values. The old method of calculation was discontinued in March. Further details of the method of calculation are published in the Treasury's Economic Progress Report or the Bank of England Quarterly Bulletin—both March 1977.