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Rate Of Exchange

Volume 978: debated on Monday 4 February 1980

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60.

asked the Chancellor of the Exchequer whether he will encourage the expansion of trade by allowing the natural supply and demand for the £ sterling to be reflected more freely in the rate of exchange.

It is indeed the Government's policy that the exchange rate is and should be determined primarily by market forces. Intervention is confined to moderating excessive short-term fluctuations in the rate and preserving orderly market conditions.