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European Monetary System

Volume 958: debated on Thursday 16 November 1978

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asked the Chancellor of the Exchequer whether, following the example of Italy, he will seek to negotiate a wider band of fluctuation for the £ sterling against other currencies in the European monetary system in order to enable the £ sterling to join the system

England and Wales at the latest date for which figures are available and on the same date in 1960, 1970 and 1977; and what was the amount of tax revenue raised per employee at 1978 prices.

pursuant to his reply [Official Report, 14th November 1978; Vol. 958, c. 174], gave the following answer:Information on the tax raised per employee is available only in respect of complete years to 31st March. Subject to this, the figures are as follows:from its inception; and whether he will make a statement.

The wider margin of fluctuation within the European monetary system which will reportedly be offered to the Italians would no doubt be available to the United Kingdom too, if we wanted it. I do not think that this would be helpful from our point of view.