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Exchange Rates

Volume 486: debated on Thursday 15 January 2009

To ask the Chancellor of the Exchequer what assessment he has made of the effect of recent changes in the value of the pound against (a) the US dollar and (b) the euro on the UK (i) economy and (ii) tourist industry; and if he will make a statement. (247995)

Annex A of the 2008 pre-Budget report (Cm 7484) discusses the potential effects of exchange rate movements. The Government's objective is for a stable and competitive exchange rate in the medium term, consistent with meeting the inflation target.