I will do my best, Mr Speaker. One would not want to be accused of being unduly meek in the circumstances.
We accept the market-based price of sterling and do not have a view on what level this should be. Were the Government to speculate on the value of sterling, it could hurt confidence in our macroeconomic framework. However, as the price of sterling fluctuates in the normal way, Her Majesty’s Treasury believes that investors should be entitled to hedge, including by short selling. The foreign exchange market is a global market, and it is essential that we work with other jurisdictions to ensure a consistent international approach to the oversight of these markets. That is why the UK has supported the work of the Bank for International Settlements to create a single global foreign exchange code, and work is ongoing to ensure that it embeds common standards of good practice in this area.
The United Kingdom will be leaving the European Union on