§ 17. Mr. CohenTo ask the Chancellor of the Exchequer by what percentage the pound has devalued since April 1992; and what assessment he has made of the adverse effects of the devaluation. [27049]
§ Mr. Heathcoat-AmorySterling is currently 16 per cent. lower on a trade-weighted basis than it was in April 1992. Over the same period, the economy has grown by over 8 per cent. in real terms. But inflation has averaged just 3 per cent. This enviable combination of strong growth and low inflation is a result of the Government's sound monetary and prudent fiscal policies.