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Sterling

Treasury written question – answered on 20th July 2010.

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Photo of William Bain William Bain Shadow Minister (Transport)

To ask the Chancellor of the Exchequer what steps he plans to take to counter the rise of sterling relative to the euro and its effect on the exporting of British goods in the eurozone.

Photo of Justine Greening Justine Greening The Economic Secretary to the Treasury

The Government do not target the exchange rate but aims for price stability via an inflation target. The Government restated its full commitment to maintaining price stability in the Budget and the Chancellor confirmed that the Monetary Policy Committee (MPC) will continue to target 2% inflation, as measured by the 12-month increase in the Consumer Prices Index.

The Government recognise that UK businesses need an environment which helps them compete in a global market place. The Budget announced a major package of tax reforms to improve the UK's competitiveness, intended to give businesses the confidence to invest for the long term, and to reduce the burden of tax and regulation.

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