HC Deb 16 January 1985 vol 71 cc141-2W
Sir Brandon Rhys Williams

asked the Chancellor of the Exchequer if he will publish a table showing the London market rates of exchange at close of business on 11 January between the pound sterling and the currencies of the European member states of the Organisation for Economic Co-operation and Development and the rates which would correspond to the purchasing power parities of the same currencies on the basis of the recent studies on the subject by the Organisation for Economic Co-operation and Development updated as necessary to the most recent convenient date.

Mr. Ian Stewart

The closing market exchange rates on 11 January 1985 of sterling against other European Community countries' currencies are given in the following table. The exchange rates that would correspond to aggregate GDP purchasing power parities in 1984, as estimated for the OECD in its December 1984 Working Paper No. 17 "Real Gross Product in OECD Countries and Associated Purchasing Power Parities', are given in brackets. As the working paper explains, purchasing power parities should not be interpreted as equilibrium exchange rates.

Exchange rates (for 11 January 1985) and PPP estimates (for 1984)

of other European currencies against the pound sterling

Exchange rates Estimated purchasing power parities
Belgium (Franc) 71.27 (70.86)
Denmark (Krone) 12.74 (16.21)
France (Franc) 10.91 (12.28)
West Germany (Mark) 3.56 (4.24)
Greece (Drachma) 145.45 (116.21)
Ireland (Punt) 1.12 (1.14)
Italy (Lira) 2,190.10 (2,224)
Luxembourg (Lux franc) 71.27 (73.22)
Netherlands (Guilder) 4.02 (4.59)