§ 23. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what is the policy of Her Majesty's Government towards the exchange rate.
§ Sir Geoffrey HoweThe Government's policy is to allow the exchange rate to be determined by the balance of market forces. Whether the rate is rising or falling, intervention by the authorities is limited to small-scale smoothing operations, to moderate excessive fluctuations and preserve orderly markets.
§ 31. Mr. Kenneth Lewisasked the Chancellor of the Exchequer what representations he has received from the Confederation of British Industry on the value of the £ sterling exchange rate.
§ Sir Geoffrey HoweI met representatives of the Confederation of British Industry on Friday 23 January in order to discuss their Budget representations. The level of the sterling exchange rate was one of the many issues discussed at this meeting.