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Mr. Austin Mitchell
To ask the Chancellor of the Exchequer what has been the effect on the rate of wage and price inflation since 1986 of the increase since 1987 in the real exchange rate against the deutschmark measured in terms of relative export prices regionally and nationally.
Mr. Ryder
The relationship between wage and price inflation and changes in the bilateral deutschmark-sterling real exchange rate cannot be separated from the effects of exchange-rate movements against third currencies and other influences on wage and price inflation in both countries.