§ Mr. Austin Mitchellasked the Chancellor of the Exchequer (1) what is his assessment of the increase in output, manufacturing and general, and the change in the gross domestic product in the year ahead;
(2) what is his estimate of the increase in demand in the next 12 months and his assessment of where that demand is to be generated from.
§ Mr. BrittanI refer the hon. Member to the Industry Act forecast being published today.
Percentage change on 1976 4th Quarter Sterling Effective Index Deutschmark: Sterling EUa/ecu: Sterling Dollar/Sterling 1977 4th Quarter +5.8 +1.0 +4.1 +18.7 1978 4th Quarter +3.2 -6.8 -0.4 +18.8 1979 4th Quarter +13.3 -4.5 -3.4 +29.4 1980 4th Quarter +28.3 +14.8 +16.7 +42.9 October 1981 +12.9 +4.0 +12.8 +10.4 Following each realignment of currencies participating in the European monetary system's exchange rate mechanism, a notional central rate for sterling against the ecu is calculated. The changes in the notional central rate over that notional rate calculated when the mechanism was introduced in March 1979 are as follows:
Per cent. September 1979 +2.0 November 1979 +2.2 March 1981 +18.3 October 1981 +9.4 The quantity of sterling in the ecu—the basket of currencies used in the EMS—has been unchanged at 8.85 pence since the establishment of the system.