HL Deb 18 April 2002 vol 633 cc169-70WA
Lord Tebbit

asked Her Majesty's Government:

Whether they regard the maintenance of the sterling effective exchange rate between limits of 102 to 108 for the past 14 months as evidence of its short-term stability. [HL3767]

Lord McIntosh of Haringey

The Government do not comment on the stability of sterling in the short term, as they believe that this may have undesirable effects on volatility. The Government believe that the key to a stable and competitive pound in the medium term is macro-economic stability and sound public finances.