§ Mr. Spearingasked the Secretary of State for Trade if, pursuant to his oral reply of 1 June, Official Report, column 639, he will set out, on a base of January 1972, the percentage variation of the value of the £ sterling on January of each year until 1981 to the deutschemark and French franc, respectively, showing for each year the variation in comparable percentage in the common Community tariff against British exports and the current overall change in the terms of trade.
§ Mr. ParkinsonThe sterling exchange rate against the French franc and the deutschemark in January of each year since 1972 is shown below with January 1972=100. A fall indicates depreciation of sterling.
Sterling Exchange Rate January Ffr. DM 1972 100.0 100.0 1973 90.1 90.7 1974 84.1 75.4 1975 77.5 67.2 1976 68.3 63.6 1977 64.1 49.4 1978 68.6 49.3 1979 64.1 44.6 1980 68.8 47.0 1981 83.9 58.1 The GATT 1970 trade-weighted estimates of the post-Kennedy round, pre-entry, average tariffs on EEC (the Six) imports from the rest of the world of semi and finished manufactures were 4.7 per cent. and 8 per cent. respectively. The average level for imports from Britain may have differed somewhat depending on our particular trade pattern, but probably not markedly. Cuts of 20 per cent. took place on 1 April 1973, 1 January 1974, 1975 and 1976 and on 1 July 1977 thus eliminating the tariff on the last date. Information on the terms of trade with France and Germany is not available.