UK budget and Irish pound exchange rate
Horgan asked about the UK budget’s effects on Ireland and the exchange rate. Colley said export and growth effects should be insignificant and sterling’s initial strengthening had since reversed; Harte challenged whether the Irish pound’s value below 94p was serious, and the Ceann Comhairle kept the discussion within the question’s scope.
asked the Minister for Finance if he will make a statement on the implications of the United Kingdom budget for the Irish economy, in particular on the implications for the exchange rate of the Irish pound.
Comment on this
The effect of the UK budget on our exports, and hence on our GNP growth rate in 1979, should be insignificant.
As regards the exchange rate with sterling, initially, following the budget, sterling strengthened against all the EMS currencies, including the Irish pound. It subsequently weakened, however, and the exchange rate for the Irish pound with sterling has not been significantly different in the past few days from what it was before the budget.
Comment on this
Is the Minister now telling us that the difference between the IR£ at 94p and the British £ is not substantial? Is that not a serious thing to consider?
Comment on this
I do not know what the Deputy is asking me. If he would phrase his question in a way that——
Comment on this
I am asking if the Minister does not consider that the value of the IR£ now at less than 94p is a serious position for this State to be in.
