§ Dr. Lynne JonesTo ask the Chancellor of the Exchequer what was the cost to the Exchequer of the loss in value immediately after the withdrawal from the exchange rate mechanism of the sterling purchased by the Bank of England two weeks prior to United Kingdom withdrawal.
§ Mr. NelsonFor good reasons of market management, it has been the practice of successive Governments not to publish intervention figures. Whether or not intervention results in a profit or loss depends on a number of factors, including the cost at which foreign currency assets are bought and sold, and the rate at which reserves are rebuilt and foreign currency borrowing is repaid. No unambiguous estimate can therefore be made of any profit or loss arising from intervention.