§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what is his assessment of the effect of a 10 per cent. devaluation of (a) the green pound and (b) the £ sterling, respectively, on raising the general level of prices, after taking into account the difference in the volume of trade.
§ Mr. BiffenThe assessment requested by the hon. Member would involve simulations of the Treasury macroeconomic model, and I am not prepared to make calculations of this kind for the reasons given by the Minister of State in his recent reply to the hon. Member for Newham, North-East (Mr. Leighton) on 14 November.—[Vol. 973, c. 622].