§ Mr. MitchellTo ask the Chancellor of the Exchequer in how many weeks the pound has been(a) within, (b) above and (c) below the exchange rate mechanism target since 1 January 1997. [62300]
§ Ms HewittSterling is not a member of the ERM and the Government have no intention of joining. The Government do not have a target for sterling but aim for a stable and competitive exchange rate over the medium term, consistent with the objective of price stability.