Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the reasons for (1) sterling losing nearly five per cent of its value against the US dollar since the beginning of May this year, and (2) other major currencies holding their value over the same period.

The government does not comment on movements in financial markets. It is also important to note that the UK does not have an exchange rate target. Instead the UK’s macroeconomic framework is based on an inflation target, and it is for the independent Monetary Policy Committee to set monetary policy to meet this target.