asked the Chancellor of the Exchequer what is his assessment of the effect of a 10 per cent. devaluation of (a) the green pound and (b) the £ sterling, respectively, on raising the general level of prices, after taking into account the difference in the volume of trade.
The assessment requested by the hon. Member would involve simulations of the Treasury macroeconomic model, and I am not prepared to make calculations of this kind for the reasons given by the Minister of State in his recent reply to the hon. Member for Newham, North-East (Mr. Leighton) on 14 November.—[Vol. 973, c. 622].