HC Deb 08 February 1995 vol 254 c241W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer what is his estimate of the extent to which the exchange rate would have fallen against the deutschmark and the United States dollar since the end of June 1994 if interest rates had not been raised since then.

Mr. Nelson

Interest rates are set to deliver the Government's inflation objective. Movements in exchange rates depend on many factors beside interest rates, and it is not possible to estimate the effect of any one factor with any degree of confidence.