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Exchange Rates

Question for HM Treasury

UIN 49064, tabled on 18 October 2016

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the change in the value of the pound on the negotiations on the UK leaving the EU.

Answered on

21 October 2016

The UK has an inflation target, not an exchange rate target, and the Government does not express a view on the level of the exchange rate. Instead, the exchange rate is allowed to adjust flexibly in response to economic conditions and movements in sterling are determined by market forces.

The UK economy is fundamentally strong and is well-placed to deal with the challenges, and take advantage of the opportunities, that lie ahead. HM Government is not giving a running commentary on our exit negotiations.

Answered by

Treasury
Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.