Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessments his Department has made of the implication for its policies of the devaluation of sterling since June 2016.

The government does not express a view on the level of the exchange rate. The value of sterling adjusts flexibly in response to economic conditions and market forces. The Monetary Policy Committee independently sets monetary policy, including interest rates, to achieve the objective of price stability, currently defined as an inflation target of 2 per cent.

The government will continue to monitor economic developments closely, while at the same time taking steps to promote economic growth and support individuals and businesses.