To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect changes in the value of sterling on export businesses since the referendum.
15 December 2016
Her Majesty’s Government does not express a view on the level of exchange rates. The exchange rate is allowed to adjust flexibly in response to economic conditions and movements in sterling are determined by market forces.
At the Autumn Statement, the Office for Budget Responsibility forecast that the depreciation of sterling between the beginning of June and the end of October will support exports and reduce imports in the short term, with net trade adding 0.3 percentage points to GDP growth in both 2017 and 2018.