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1695572

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of the recent strengthening in sterling on inflation in the UK; and what assessment they have made of the effect this may have on the timing and magnitude of monetary policy adjustments made by the Bank of England.
tabling member printed	Lord Taylor of Warwick
uin	HL3222
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) on 6<sup>th</sup> March. The OBR noted that the trade weighted sterling effective exchange rate had strengthened by around 2 per cent since their November 2023 forecast. Inflation has halved since its peak in October 2022 and was 4.0% in January 2024. In the March EFO, the OBR note that inflation has fallen more sharply than they expected in November, and now expect inflation to fall below 2% in Q2 2024 – a year earlier than previously expected.</p><p>Monetary Policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. Therefore, it is right the Government does not comment on the conduct of monetary policy.</p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:32:53 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1288377

registered interest
date	22/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact that a rapid and sustained rise in the value of the Pound could have on the UK’s economic recovery; and what assessment they have made of the need for intervention by the Bank of England in such cases.
tabling member printed	Lord Vinson
uin	HL13529
answer	answer is ministerial correction date of answer 08/03/2021 answer text <p>The UK does not have an exchange rate target and the government does not have a desired level for sterling – the rate is set by the market.</p><p> </p><p>Currency markets move up and down and it would not be appropriate for the Treasury to speculate on the impact of currency moves on the real economy. Any impact would necessarily adjust over time and be sensitive to the broader economic and financial context. The independent Monetary Policy Committee of the Bank of England has responsibility for monetary policy. Its primary objective, set out in law, is to maintain price stability, defined as a symmetric inflation target of 2 per cent, as measured by the twelve month increase in the Consumer Prices Index. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, so the Government does not comment on the conduct or effectiveness of monetary policy.</p><p> </p><p>The pound currently sits 12% and 10% below the 10-year average exchange rate against the dollar and euro respectively.</p> answering member printed Lord Agnew of Oulton question first answered 08/03/2021 15:50:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1807 label Biography information for Lord Vinson

1168554

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to require that all currency conversion rates should be expressed as a percentage mark-up on the interbank rate applying at the time of the conversion after Brexit.
tabling member printed	Lord Birt
uin	HL12
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>HM Treasury does not publish or set the format for the presentation of exchange rate data.</p><p><strong> </strong></p> answering member printed The Earl of Courtown question first answered 07/01/2020 16:54:46 answering member 3359 label Biography information for The Earl of Courtown
tabling member	2533 label Biography information for Lord Birt