§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what effect he expects the change in the trade deficit consignment on the reassessment of the Intrastat calculations to have on the exchange rate; when he expects the revised figures to be published; and what preparations he is making to safeguard the pound sterling.
§ Mr. NelsonWith regard to the publication of any necessary adjustments to the estimates of the balance of United Kingdom visible trade, I refer the hon. Member to the answer I gave him on 18 April 1994,Official Report, column 364.
Sterling's exchange rate is floating and it is not my practice to make predictions about its level. Movements in sterling's exchange rate form part of our continuing assessment of monetary conditions but we do not set target rates.