Exchange Rates

HC Deb 12 June 1996 vol 279 c153W

Mr. MacShane

To ask the Chancellor of the Exchequer if he will list the movement each month in 1996 of the pound against(a) the US dollar and (b) the German mark. [31931]

Mrs. Angela Knight

Figures for monthly averages in 1996 of sterling's exchange rate against the dollar and the deutschmark are as follows:

	£/$	£/DM
January 1996	1.53	2.24
February 1996	1.54	2.25
March 1996	1.53	2.26
April 1996	1.52	2.28
May 1996	1.51	2.32

Mr. MacShane

To ask the Chancellor of the Exchequer what recent representations he has received regarding re-entry into the European exchange rate mechanism at existing parities with particular reference to the effect on exports; and if he will make a statement. [31933]

Mrs. Knight

None. The UK will not rejoin the European exchange rate mechanism during this Parliament, and there is no question of us ever rejoining a rigid, old-style exchange rate mechanism.