§ Mr. Austin Mitchellasked the Chancellor of the Exchequer how much has been spent supporting the £ sterling since the removal of exchange control.
§ Mr. LawsonMy right hon. and learned Friend the Chancellor of the Exchequer announced the abolition of the remaining exchange controls (excluding those applying to Rhodesia) on 23 October. The reserves fell by $81 million in November but this fall included $88 million net repayment of public sector debt. It is not the Government's practice to reveal the scale of market intervention by the authorities or to publish changes in the reserves other than at monthly intervals.
336W
United States Japan Federal Republic of Germany France Italy United Kingdom 1976– 4th quarter 110 103 106 98 99 98.4 1977– 1st quarter 110 101 107 102 103 105.2 2nd quarter 111 104 108 103 103 109.9 3rd quarter 114 107 111 107 107 114.0 4th.quarter 116 113 115 109 107 121.4 1978– 1st.quarter 117 118 122 113 115 131.3 2nd.quarter 118 134 122 118 115 127.8 3rd.quarter 121 142 127 126 — 138.4 4th.quarter 126 143 137 128 — 146.2 Percentage change— 1977 4th.quarter on 1976 4th.quarter +5 +10 +8 +11 +9.3 +23.4 Percentage change— 1978 4th.quarter on 1977 4th.quarter +9 +24 +19 +17 n.a. +20.4
§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what has been the change in the value of the £ sterling relative to the Japanese yen, German mark, United States dollar, and French franc from the removal of exchange controls to date.
§ Mr. LawsonThe information is as follows:
Percentage change to 3 December 1979 Japanese yen … … +9.7 Germen mark … … -2.5 US Dollar … … +2.9 French franc … … -2.1 NOTE: + appreciation of sterling. -depreciation of sterling.