HL Deb 06 July 1977 vol 385 cc448-9WA
Lord O'HAGAN

asked Her Majesty's Government:

How far the fall in the value of the pound since 1973 is due to British membership of the EEC.

The PARLIAMENTARY UNDER-SECRETARY of STATE, DEPARTMENT of the ENVIRONMENT (Baroness Birk)

It is very difficult to make any worthwhile estimate of the effect on the exchange rate of so complex an influence as United Kingdom membership of the EEC. The Government do not, however, believe that EEC membership is at all responsible for the depreciation of sterling since 1973.