§ Mr. Gouldasked the Chancellor of the Exchequer what is his estimate of the increase in the number of unemployed as a result of the £ sterling's appreciation (a) against the dollar, and (b) against all other currencies.
§ Mr. Robert SheldonAppreciation of sterling against other currencies will tend to worsen the prospects for unemployment if there are no offsetting movements in domestic costs. Any quantitative estimates would be extremely hazardous because of uncertainties over domestic and foreign costs and prices and their response to exchange rate changes.