§ Mr. Neubertasked the Secretary of State for Energy what assessment he has made of the report of the Consumers' Association, commissioned from Phillips and Drew, on accounting practices of the nationalised industries; and whether he proposes to take any action in response to it.
§ Mr. Neubertasked the Minister of Transport what assessment he has made of the report of the Consumers' Association, commissioned from Phillips and Drew, on accounting practices of the nationalised industries; and whether he proposes to take any action in response to it.
§ Mr. Neubertasked the Chancellor of the Exchequer what assessment he has made of the report of the Consumers' Association, commissioned from Phillips and Drew, on accounting practices of the nationalised industries; and whether he proposes to take any action in responce to it.
§ Sir Geoffrey Howe[pursuant to the reply given on 20 March 1980]: I have been asked to reply.
The Consumers' Association report was particularly concerned about the diversity of treatment among the industries 373W of the impact of inflation in arriving at figures for profit and loss. A significant improvement in the consistency of report-ling profit in current cost terms should follow the promulgation of the new accounting standard expected shortly. In this context, we have been concerned to secure a uniform approach by the nationalised industries, and I would refer the hon. Member to the answer by my right hon. Friend the Chief Secretary to the Treasury to my hon. Friend the Member for Chipping Barnet (Mr. Chapman) on 21 December 1979.—[Vol. 976, c. 454).
RATES AGAINST £STERLING US$ Deutsche-mark French Franc Italian Lira Japanese Yen European Unit of Account 18 March 1980 2.1945 4.1132 9.6042 1,916.90 545.33 0.6111 1 April 1975 2.4079 5.6300 10.1200 1,520.37 700.37 0.5646|| 1 April 1970 2.4077 8.8135 13.3345 1,514.05 862.17 — 1 April 1965 2.7906 11.0950 13.6700 1,743.00 1,010.76 — 1 April 1960 2.8078 11.7075 13.7731† 1,742.37 1,011.46 — 1 April 1955 2.8000 11.7900 982.2700 N.A. N.A. — 1 April 1950 2.8000 11.7460 980.0000 N.A. N.A. — 1 April 1945 4.0300* N.A. 199⅞–200[‡ N.A. N.A. —
PERCENTAGE CHANGE ON PREVIOUS YEAR¶ US$ Deutsche-mark French Franc Italian Lira Japanese Yen European Unit of Account 1 April 1976 -22.4 -15.7 -13.6 +5.2 -20.1 -4.7 1 April 1977 -8.0 -13.3 -2.2 -4.6 -15.2 -13.9 1 April 1978 + 8.7 -8.8 -0.3 + 4.0 -14.0 -5.0 1 April 1979 +10.7 +3.8 +4.9 +9.8 +7.3 +4.2 18 March 1980 +6.1 +5.6 +7.5 +10.0 +24.6 +5.9 * Official Bank of England rate as fixed between September 1939 and September 1949. † The new French franc was created on 1 January 1960, equal to 100 old French francs. ‡ Fixed by the Bank of England between 22 March and 5 April 1945. § £ sterling per unit of account. || Unit of account started on 26 May 1975. ¶ + sterling appreciation; — sterling depreciation.