Government: Economic Policies — Question

Part of the debate – in the House of Lords at 3:07 pm on 30th January 2013.

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Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury 3:07 pm, 30th January 2013

There are many positive signs. I do not think that the patient does look so ill. I refer to the extraordinary employment levels-the biggest increase in employment for the past 20 years. On the question of the exchange rate, the noble Lord is absolutely correct that sterling has recently weakened against the euro. The exchange rate has two sides: the strength of the eurozone versus the UK economy. What that exchange rate reflects is that many of the risks that have been confronted by the eurozone over the past two or three years are perceived by the market to be diminishing.