§ Mr. MacShaneTo ask the Chancellor of the Exchequer (1) what has been the change in the value of the pound sterling against(a) the deutschmark, (b) the French franc, (c) the ecu and (d)1 the US dollar since January 1996; and if he will make a statement on the impact on the economy of fluctuations in (a) to (d); [3985]
(2) what measures he is taking to ensure a stable external value for sterling for export purposes. [3905]
§ Mrs. Angela KnightBetween 1 January 1996 and 12 November 1996, sterling has risen by(a)11 per cent. against the deutschmark, (b) 9 per cent. against the French franc, (c) 6 per cent. against the ecu and (d) 6 per cent. against the US dollar. The Government recognise the value of a stable exchange rate but do not have a target for sterling. The exchange rate is only one of many factors which must be taken into account in setting policy.