Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on the exchange rate of Sterling with the Euro in the event that the UK leaves the EU without a withdrawal agreement.

It is not appropriate for the government to comment on specific currency market movements.

The government accepts the market-based price of sterling and does not have a view on what level this should be. Moreover, speculating on the value of sterling could hurt confidence in our macroeconomic framework.

It is important to remember that 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.