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Exchange Rate

Volume 76: debated on Monday 1 April 1985

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asked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing, for each month since the United Kingdom joined the European monetary system, what effect the change in the exchange rate for the pound sterling had on the value of the European currency unit against other currencies and in terms of its value with the pound sterling.

The table give exchange rates for the United States dollar and sterling against the ecu as standardly defined, and against the ecu minus its sterling currency component, monthly* from March 1979:

$/ECU£/ECU
DateIncludingExcludingIncludingExcluding
££†££‡
1979
March1·3521·1690·6540·565
April1·3331·1510·6480·559
May1·3311·1480·6440·556
June1·3201·1280·6090·520
July1·3821·1800·6060·517
August1·3851·1860·6150·527
September1·4281·2340·6500·562
October1·3751·1910·6620·574
November1·4281·3220·6500·565
December1·4381·2410·6470·558
1980
January1·4341·2330·6320·544

$/ECU

£/ECU

Date

Including

Excluding

Including

Excluding

£

£†

£

£‡

February1·4121·2100·6200·531
March1·3031·1110·6010·513
April1·3911·1900·5230·525
May1·4101·2040·6050·517
June1·4301·2100·6050·517
July1·4171·2100·6060·518
August1·4111·1990·5900·501
September1·4001·1890·5860·498
October1·3471·1310·5520·464
November1·3261·1170·5620·473
December1·3101·0990·5480·461
1981
January1·2301·0190·5180·427
February1·1940·9990·5420·453
March1·2101·0110·5400·450
April1·1480·9590·5350·448
May1·0940·9110·5280·440
June1·0550·8830·5440·454
July1·0230·8590·5540·463
August1·0220·8590·5540·468
September1·0670·9080·5890·504
October1·0840·9210·5870·499
November1·1150·9410·5650·478
December1·1801·0110·5680·530
1982
January1·0590·8920·5620·474
February1·0170·8560·5590·471
March0·9950·8370·5580·470
April1·0220·8640·5700·483
May1·0180·8590·5680·480
June0·9600·8060·5520·464
July0·9610·8070·5530·464
August0·9430·7910·5490·460
September0·9310·7810·5500·461
October0·9180·7700·5480·460
November0·9340·7910·5780·491
December0·9680·8250·6000·511
1983
January0·9380·8030·6120·524
February0·9440·8090·6200·532
March0·9240·7930·6250·536
April0·9210·7830·5900·501
May0·9060·7640·5630·475
June0·8920·7570·5830·495
July0·8620·7270·5670·478
August0·8430·7110·5650·476
September0·8590·7270·5750·486
October0·8590·7270·5750·486
November0·8380·7080·5730·483
December0·8270·6990·5710·482
1984
January0·8010·6770·5710·482
February0·8600·7280·5780·489
March0·8600·7320·5980·507
April0·8290·7050·5900·505
May0·8190·6960·5920·502
June0·8040·6840·5940·506
July0·7730·6570·5920·503
August0·7750·6600·5920·507
September0·7390·6290·5930·504
October0·7360·6290·6040·517
November0·7220·6170·6010·514
December0·7090·6070·6100·525
1985
January0·7040·6050·6230·537
February0·6670·5720·6140·529
March0·7110·6030·5830·489

Notes:

* All figures are end-month, except for March 1985, where the figures refer to 27 March.

† S/ECU (excluding £) = ($/ECU) - ($/£ x amount of £ in ECU basket). Prior to the change in the ECU's definition on 17 September 1984, the currency amount of sterling in the ECU was £0·0885; since then it has been £0·0878.

‡ £/ECU (excluding £) = (£/$) × ($/ECU (excluding £)).

asked the Chancellor of the Exchequer what is his estimate of the effect on output and employment of each one percentage change in the real exchange rate between sterling and the deutschmark.

Reliable quantitative estimates are not available. The effect will depend on the reason for the change in the exchange rate, on what is happening to other exchange rates, and on assumptions about other developments in the economy.