§ Dr. CableTo ask the Chancellor of the Exchequer what is the percentage change in(a) the nominal trade-weighted exchange rate and (b) the real effective exchange rate since (i) 1 May 1997 and (ii) Britain left the ERM. [56346]
§ Ms HewittRelevant data are set out in the table. The real effective exchange rates are calculated by the OECD, and are produced only on a monthly basis, using relative movements in consumer prices.
Nominal trade- weighted index Real effective exchange rate Levels: August 1992 100.8 102.7 April 1997 99.5 98.1 August 1998 104.6 108.5 Percentage changes: August 1992-August 1998 3.8 5.6 April 1997-August1998 5.1 10.6
§ Dr. CableTo ask the Chancellor of the Exchequer what estimate his Department has made of the current purchasing power parity exchange rate for sterling vis-a-vis(a) the US dollar and (b) the Deutschmark. [56244]
§ Ms HewittNeither HM Treasury nor the Office for National Statistics produce such estimates. The OECD produces estimates of purchasing power parity exchange rates for the purpose of comparing GDP in different countries. These can be found in the monthly OECD44W publication "Main Economic Indicators" but they would not be appropriate for other purposes, such as assessing the competitiveness of tradeable goods.