Mr Major’s Written Parliamentary Answer on Exchange Rates – 14 April 1988

Below is the text of Mr Major’s written Parliamentary Answer on Exchange Rates on 14th April 1988.

Mr. Beaumont-Dark To ask the Chancellor of the Exchequer what assessment he has made of the effect the exchange rate has on the performance of the economy.

Mr. Major The exchange rate is a major factor in the determination of overall monetary conditions in the economy which are set out to maintain downward pressure on inflation. Increases in domestic costs will not be accommodated by exchange rate depreciation.