§ Mr. Lawsonasked the Chancellor of the Exchequer whether the figures published in the Written Answer to the hon. Member for Blaby on 6th April represented the percentage changes on the trade-weighted external values of various currencies since end-February 1974, or since end-1974; and if he will publish a similar table showing the percentage changes between end-February 1974 and the latest available date.
§ Mr. Robert SheldonThe information in my Written Answer of 6th April to the hon. Member represented the percentage changes in the average rates in March 1977 from the rates at end-February 1974 not, as was stated in the answer, end-1974. I apologise for the error.
The percentage changes between end-February 1974 and 18th April 1978 were as follows:
Switzerland +50 Japan +28 Austria +25 Germany +23 Netherlands +16 Belgium + 12 Denmark +7 Norway -2 France -3 Sweden -4 Canada -13 United Kingdom -27 Italy -23 Effective exchange rates for other OECD countries are not calculated. But the exchange rates of most of these countries have depreciated substantially against the major currencies listed above. 388W It is thus likely that, if effective rates were available, these countries would appear at or near the bottom of the table.