§ Mr. Barry JonesTo ask the Secretary of State for Wales if he will make a statement on the impact of the current level of sterling upon export-dependent small businesses in Wales. [42449]
§ Mr. HainI fully recognise the worries of export dependent small businesses in Wales about the current level of the pound. In setting interest rates, the Bank of England takes into account the effect on exchange rates and on exports. The Government's aim is a stable and competitive pound over the medium term. The most important thing is to deliver a stable economic environment—sustained growth, low inflation and sound public finances—while at the same time introducing policies to promote enterprise and investment and raise Britain's sustainable rate of growth. The Government are determined to take a long-term view and not be diverted from this course by short-term pressures.