§ Matthew TaylorTo ask the Chancellor of the Exchequer what assessment he has made of the impact of the euro:sterling exchange rate on exports to the European Union since 1997; and what his policy is on the exchange rate. [4633]
§ Ruth KellyIn the three months to April 2001 exports of goods to the European Union were 25 per cent. higher than in the same period in 1997.
Stability-orientated policies based on low inflation and sound public finances will deliver a stable and competitive exchange rate over the medium term.
§ Matthew TaylorTo ask the Chancellor of the Exchequer what assumptions his Department will make on the level and evolution of the exchange rate for the purposes of the(a) preliminary technical work on the assessment of the five economic tests on the euro and (b) assessment of the economic tests. [4639]
§ Ruth KellyThe Government have said that the Treasury will complete an assessment of the Five Tests within the start of this Parliament. Before any assessment is started, we must, of course, continue to do the necessary preliminary work for our analysis—technical work that is necessary to allow us to undertake the assessment within two years.