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<p>The Government does not have a target for the sterling exchange rate and does not
comment on currency movements. Instead the exchange rate is allowed to adjust flexibly
in response to economic conditions, and movements in sterling are determined by market
forces.</p><p> </p><p>We are going through a period of adjustment as the economy responds
to the vote to leave the European Union. The fundamental strength of the UK economy
means that it is well-placed to deal with the challenges and take advantage of the
opportunities that lie ahead. The Government is working hard to lay the foundations
for stable long term growth which will benefit savers, pensioners and all other groups.</p>
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