§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what has been the increase in the nominal exchange rate between the £ sterling and each of the currencies of the main manufacturing countries since 1973 and since the fourth quarter of 1976; to what extent this reflects the increase in relative prices; and if he will account for the change in each case.
§ Mr. Lawson[pursuant to his reply, 28 July 1981]: Nominal exchange rates, competitors' export and
United Kingdom per capita expenditure on: Total expenditure at same per capia level for: Isle of man Channel Isles Year defence external relations defence external relations defence external relations (£) (£ million) 1971 49.7 7.0 2.7 0.4 6.1 0.9 1972 55.0 6.9 3.1 0.4 6.8 0.9 1973 62.2 11.2 3.5 0.6 7.8 1.4 1974 73.2 11.7 4.2 0.7 9.2 1.5 1975 92.6 12.0 5.5 0.7 11.8 1.5 1976 111.5 18.3 6.7 1.1 14.2 2.3 1977 122.7 23.6 7.5 1.4 15.7 3.0 1978 135.6 35.0 8.4 2.2 17.5 4.5 1979 161.9 41.0 10.4 2.6 21.0 5.3 1980 204.2 35.9 13.3 2.3 26.8 4.7 Source: National Accounts.