§ Mr. MaxtonTo ask the Chancellor of the Exchequer what mechanisms exist for medium or long-term alteration of the exchange rate.
§ Mr. LilleyI refer the hon. Member to my right hon. Friend the Chancellor of the Exchequer's speech to the International Monetary Fund of 30 September (a copy of which I have had placed in the Library). In it my right hon. Friend describes the experience gained over the two years since the Plaza meeting in September 1985 and how this should be used to build a more permanent regime of managed floating, in order to maintain the maximum stability of key exchange rates, and to manage any change that may be necessary in an orderly way.