Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on the UK public finances of fluctuations in the Pound Sterling-Euro exchange rate causing a decrease in funding received by the UK from EU funding schemes; and what contingencies he has arranged for such circumstances.

HM Treasury receives no funds from the EU budget. A portion of the overall EU funding received by the UK is paid through government bodies. Managing the impact of exchange rate fluctuations is part of the normal responsibilities of the relevant managing authorities, following standard practice laid out by HM Treasury in Managing Public Money. Further detail on managing risk relating to foreign exchange is available on page 173 of that document, available online: www.gov.uk/government/uploads/system/uploads/attachment_data/file/454191/Managing_Public_Money_AA_v2_-jan15.pdf.”