§ Mr. Austin Mitchellasked the Chancellor of the Exchequer by how much the green pound has been devalued since the last quarter of 1976; and by how much the real pound has appreciated over the same period.
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§ Mr. Buchanan-SmithI have been asked to reply.
Since 1 October 1976, the pound sterling has appreciated by 3.5 per cent. against the European unit of account. The green pound has been devalued by 23.8 per cent. since that date.