§ Mr. Barry JonesTo ask the Secretary of State for Wales what assessment he has made of the impact of the current rate of sterling on the steel industry in Wales; and if he will make a statement. [47904]
§ Mr. HainWe fully recognise the worries of exporters and manufacturers about the current level of sterling. The Government's aim is a stable and competitive pound of the medium term. The most important thing is to deliver a stable economic environment—with sustained growth, less inflation and sound public finances—whilst at the same time introducing policies to promote enterprise and investment and raise the economy's sustainable rate of growth. The Government are determined to take a long-term view and not be diverted from this cause by short-term pressures.