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Written Question
Exchange Rates
Monday 18th September 2017

Asked by: Lord Lea of Crondall (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask Her Majesty's Government what steps they are taking, if any, to ensure that the pound sterling does not fall below parity with the euro.

Answered by Lord Bates

The UK has an inflation target, not an exchange rate target, and the government does not express a view on the level of the exchange rate. The value of sterling adjusts flexibly in response to economic conditions and market forces.


Written Question
European Economic Area
Monday 18th September 2017

Asked by: Lord Lea of Crondall (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask Her Majesty's Government whether, if the UK were to remain in the EEA by joining EFTA after leaving the EU, the annual cost to the UK in terms of liabilities to the EU would remain the same as if the UK had remained in the EU; and if not, what is their estimate of the reduction or increase in that cost.

Answered by Lord Bates

The arrangements for withdrawal from the EU, including any financial or subsequent trading arrangements with the EU, will be a matter for the withdrawal agreement as part of the Article 50 process. The UK government is committed to working with the EU to reach a fair arrangement for Britain’s exit and the best deal for UK taxpayers.