§ Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer what has been the appreciation in the trade-weighted exchange rate since the Financial Statement was prepared; what estimate he has made of the impact which this change will have on the retail price index and 311W when; and if he will now publish a revised version of table 3 to take account of this change.
§ Mr. Biffen,
pursuant to his reply [Official Report, 11 July 1979; Vol. 970 c. 210], gave the following answer:
The effective exchange rate, at the close of business on 10 July, was 5.2 per cent. higher than the average for the week ending 8 June. Because this increase has resulted partly from the rise in oil prices it would not be appropriate to consider the impact of the higher exchange rate by itself on the retail price index. It is not proposed to publish a revised economic forecast at this time.