§ Mr. Lawsonasked the Chancellor of the Exchequer what is the total amount of public expenditure in 1976–77, 1977–78 and 1978–79 directly affected by foreign exchange rates; and what the comparable figures would be if the exchange rates 319W used in this calculation were those prevailing on Februray 1977 and not those prevailing in October 1975.
§ Mr. Joel BarnettPayments in foreign currencies are not separately distinguished in the Public Expenditure Survey, but it is estimated that public sector payments in foreign currencies in 1976 amounted to about £3 billion, at the exchange rates current when the payments were made. If they had been converted to sterling at the exchange rates of October 1975 and also at those of February 1977, the second estimate would have been of the order of £½ billion greater than the first.