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Sterling (Foreign Exchange Dealings)

Volume 79: debated on Thursday 16 May 1985

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asked the Chancellor of the Exchequer what is his estimate of the turnover annually in foreign exchange dealings in sterling.

Comprehensive figures are not available. The Federal Reserve Bank of New York undertook a survey of United States foreign exchange market turnover in April 1983. The results were published in the FRBNY Quarterly Review, Summer 1984 and suggested that average daily turnover was around $34 billion of which 16·6 per cent. represented transactions

[pursuant to his reply, 13 May 1985, c. 30]: By far the largest components of public sector asset sales are the "special sales of assets" programme (which mainly takes the form of sales of company securities) and sales of land and buildings (mostly council house sales). The figures since 1979–80 are as follows:other own resources, respectively, as a percentage of gross domestic product to two places of decimals for each year since 1980 and the forecast for the current year.

The information requested is given in the table. However, the calculations for the United Kingdom do not take account of the offsetting effect of refunds for the United Kingdom contributions to value added tax and other own resources.against sterling. Similar data are not available for transactions in Europe but it is thought that average daily turnover in London is no less in total than that in the United States.