§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer (1) what is the reduction in the sterling exchange rate since(a) August 1992 and (b) February 1993 in terms of 1990 weights for United Kingdom imports plus United Kingdom exports of manufacturers; and what are the corresponding figures for the ecu and non-ecu currencies;
(2) if the country weights used in the Bank of England index covers total United Kingdom imports as well as United Kingdom exports;
(3) what is the reduction in the rate of exchange between sterling and non-ecu currencies since (a) August 1992 and (b) February 1993; and if he will publish a table showing the rate of exchange for sterling against non-ecu currencies for each year since 1970;
(4) what was the composition of the Bank of England index for the pound sterling, together with the weights attached to each currency, in 1975 and 1985; and what was the equivalent for 1990 in each case.
§ Mr. NelsonFigures for the sterling exchange rate on the dates requested and corresponding figures for separate EC and non-EC currencies can be found in the monthly CSO "Financial Statistics" publication and in the monthly OECD "Main Economic Indicators" publication. A single exchange rate index against non-EC currencies is not available. Sterling exchange rates in terms of 1990 weights for United Kingdom imports and exports could be20W constructed from data in the CSO "Monthly Review of External Trade Statistics", but only at disproportionate cost. A table of rates of exchange of sterling against separate non-EC currencies for each year since 1970 could be reproduced only at disproportionate cost.
From 2 February 1981 to 2 January 1989 the weights of the Bank of England sterling exchange rate index were based on average trade flows at 1977, with a base year of 1975. From 3 January 1989 to the present day, weights have been based on disaggregated trade flows at 1980 with a base year of 1985. The weighted composition and methodological construction of the sterling exchange rate index at the dates requested are available in the Treasury "Economic Progress Report" for March 1977 and the Bank of England "Quarterly Bulletins" for March 1981 and November 1988.