§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the reasons for the change in level of depreciation since 1955. [27580]
§ Mr. NelsonExchange rates are determined in foreign exchange markets.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the impact of Her Majesty's Government's exchange rate policy in 1993 in respect of sterling and the development on the United Kingdom's balance of trade in manufactures. [27500]
§ Mr. NelsonMovements in the exchange rate were considered as part of the general assessment of monetary conditions in setting monetary policy during 1993, as they are now. The Government did not and do not set a target rate for sterling.