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Exchange Rate

Volume 77: debated on Wednesday 24 April 1985

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asked the Chancellor of the Exchequer what have been the changes in the exchange rate of the pound sterling to the dollar and in the minimum lending rate since he presented his Budget on 19 March.

[pursuant to his reply, 22 April 1985, c. 373]: Between 19 March and 19 April 1985, sterling appreciated 14 per cent. against the dollar from $1.1360 to $1.2937. The Bank of England ceased to post a continuous minimum lending rate on 20 August 1981, and no minimum lending rate has been posted since the Budget. Bank base rates have fallen from 14 per cent. on 19 March to between 12½ and 12¾ per cent. on 19 April.