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£ Sterling

Volume 885: debated on Monday 27 January 1975

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asked the Chancellor of the Exchequer what, at the latest available date, was the average weighted depreciation of the £ sterling against the seven other currencies of the EEC since the Washington Currency Agreement of December 1971.

At close on Thursday 23rd January, the percentage changes in the exchange rate of the £ sterling against the other EEC currencies since the Smithsonian agreement of December 1971 were as follows:

Deutschemark-33·8
Guilder-31·6
Belgium/Luxembourg Franc-28·7
Danish Kroner-28·2
French Franc-23·3
Lira+0·5
Changes in the effective depreciation of sterling are usually calculated in relation to changes in the major world currencies
No Previous Gifts
Value of Asset Transferred (after all Tax)Combined Value of Asset and Tax Paid by DonorTax PayableTax Payable as Proportion of Asset Transferred
£££percentage
20,00020,5885882·94
30,00033,0003,00010·00
40,00046,7866,78616·96
50,00062,08312,08324·17
60,00078,75018,75031·25
70,00096,81726,81738·31
80,000116,50035,50045·62
90,000138,33348,33353·70
100,000161,87561,87561·87
125,000224,37599,37579·50
150,000286,875136,87591·25
175,000349,375174,37599·64
200,000411,875211,875105·94
225,000474,375249,375110·83
250,000542,143292,143116·86
275,000613,571338,571123·12
300,000685,000385,000128·33
350,000827,857477,857136·53
400,000970,714570,714142·68
450,0001,132,500682,500151·67
500,0001,299,167799,167159·83
550,0001,465,833915,833166·51
600,0001,632,5001,032,500172·08
650,0001,799,1671,149,167176·79
700,0001,965,8331,265,833180·83
750,0002,159,0001,409,000187·87
800,0002,359,0001,559,000194·87
850,0002,559,0001,709,000201·06
900,0002,759,0001,859,000206·56
950,0002,959,0002,009,000211·47
1,000,0003,159,0002,159,000215·90

and the weights used take account of competition in third countries as well as bilateral trade. It would therefore be misleading to use them on a regional basis. I am not sure what other weights my hon. Friend has in mind.