HC Deb 22 October 1984 vol 65 c465W
Mr. Kirkwood

asked the Chancellor of the Exchequer whether he will revise the Government's expenditure plans in the light of the losses of revenue attributable to the coal strike.

Mr. Peter Rees

The Government review their expenditure plans annually in the light of all current developments.

Currency Fixed nominal currency amounts Relative weights* per cent.
Before After Before After
Deutschemark 0.828 0.719 36.9 32.0
French franc 1.15 1.31 16.7 19.0
Sterling 0.0885 0.0878 15.1 15.0
Italian lira 109 140 7.9 10.2
Dutch guilder 0.286 0.256 11.3 10.1
Belgian franc 3.66 3.71 8.1 8.2
Danish Krone 0.217 0.219 2.7 2.7
Greek drachma 1.15 1.3
Irish pound 0.00759 0.00871 1.0 1.2
Luxembourg franc 0.14 0.14 0.3 0.3
* Calculated by expressing the fixed nominal currency amounts in a common currency.

Mr. Foulkes

asked the Chancellor of the Exchequer what has been the percentage increase in the value of the European currency unit to the pound sterling since the drachma was included in the calculation of the unit.

Mr. Ian Stewart

The new nominal amounts of each currency — including the Greek drachma —in the ecu were fixed on the basis of exchange rates prevailing at 2.30 pm on Friday 14 September. Between then and the close on 17 October the value of the ecu against the pound sterling increased 2.1 per cent.

Mr. Foulkes

asked the Chancellor of the Exchequer what he estimates will be the effect of the new weighted averages on the fluctations between the European currency unit and the pound sterling.

Mr. Ian Stewart

The effect of the change in the composition of the ecu/£ exchange rate will depend on the movements in sterling's exchange rates against all the other currencies in the ecu. These cannot be reliably predicted.