Peter Bone – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Peter Bone on 2016-10-18.

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.

Simon Kirby

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.