§ Mr. Gouldasked the Chancellor of the Exchequer what has been the change in the real exchange rate of the £ sterling based on (a) gross domestic product deflators and (b) relative export prices since the fourth quarter of 1976 against the US dollar, the Japanese yen and each of the European Economic Community Six currencies for the latest period for which figures are available; and if he will include figures comparing the current nominal exchange rate with the average rate for the latest period.
§ Mr. Ian StewartThe percentage changes between the fourth quarter of 1976, when sterling's nominal exchange rates were exceptionally low against these currencies, and the fourth quarter of 1984, were as follows:
Real Based on GDP deflators Based on relative wholesale export prices Nominal Dollar/Sterling -6.2 -8.5 -26.3 Yen/Sterling +7.6 +3.1 -38.3 Deutschemark/Sterling +48.1 +38.6 -6.6 French franc/Sterling +37.3 +37.2 +36.7 Belgian franc*/Sterling +87.8 +73.8 +23.0 Italian lira/Sterling +5.7 +25.4 +61.4 Dutch guilder/Sterling +37.6 +44.0 +0.8 *The Luxembourg franc has the same external value as the Belgian franc.