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Financial market movements are determined by a wide range of domestic and international
factors. It is not appropriate for the government to comment on specific currency
market movements. The UK does not have an exchange rate target and the Government
does not have a desired level for sterling – the price is determined by the market.
The UK's macroeconomic framework is based on an inflation target, and it is for the
independent Monetary Policy Committee to set monetary policy to meet this target.
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