§ Mr. LoughtonTo ask the Chancellor of the Exchequer what is his forecast for the average(a) sterling-euro, (b) sterling-dollar and (c) sterling-yen exchange rate in 1999. [84289]
281W
§ Ms Hewitt[holding answer 14 May 1999]: As stated on page 127 of the Budget 1999 Red Book in footnote 2:
The forecast is based on the assumption that the exchange rate moves in line with an uncovered interest parity condition, consistent with the interest rates underlying the economic forecast.