asked the Chancellor of the Exchequer if he has made any estimate of the relationship between the fall in the £ sterling and inflation in the United Kingdom.

Estimates of this kind are necessarily rather uncertain. But, as a rough rule of thumb, a 1 per cent. trade-weighted depreciation might add between ¼ per cent. and ⅓ per cent. to retail prices after about a year, with much of the effect coming through after six months.