§ Mr. MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the effect of his policy of stability in the British Government finances and in the economy on the exchange rate since May 1997. [127484]
§ Miss Melanie JohnsonIt is not possible to identify precisely the impact of stability-orientated policies on the exchange rate. Delivering low inflation and sound public finances is the best contribution the Government can make to securing a stable and competitive exchange rate over the medium term.