§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what action he is taking to reduce sterling to a608W competitive level against (a) the dollar and (b) the deutschmark.
§ Mr. Nelson[holding answer 13 March 1995]: The Government do not set targets for the exchange rate. Movements in the exchange rate arc considered as part of general assessment of monetary conditions in setting monetary policy. United Kingdom firms arc very competitive, as shown by our strong export performance; in the fourth quarter of 1994 export volumes, excluding oil and erratics, were up up 13½per cent. on a year earlier.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what action he is taking to reduce sterling to a competitive level against the ecu currencies other than the deutschmark; and if he will publish a table showing the sterling exchange rate for ecu currencies other than the deutschmark for each month from August 1992.
§ Mr. Nelson[holding answer 13 March 1995]: The Government do not set targets for the exchange rate. Movements in the exchange rate are considered as part of general assessment of monetary conditions in setting monetary policy. United Kingdom firms are very competitive, as shown by our strong export performance; in the fourth quarter of 1994 export volumes, excluding oil and erratics, were up 13½ per cent. on a year earlier. Sterling's exchange rate against the ecu currencies can he found in table 7.1A of "Financial Statistics" published by the Central Statistical Office.