My Lords, with the leave of the House I will now repeat in the form of a Statement the Answer given in the other place earlier today by my honourable friend the Exchequer Secretary to the Treasury.

“It is not appropriate for the Government to comment on specific currency market movements,...

My Lords, with the leave of the House I will now repeat in the form of a Statement the Answer given in the other place earlier today by my honourable friend the Exchequer Secretary to the Treasury.

“It is not appropriate for the Government to comment on specific currency market movements,...

No, I do not agree with the comments of the noble Lord, Lord Macpherson, and it is frankly sad that a person of his reputation is indulging in these ridiculous conspiracy theories. As Forbes business magazine put it, this is yet another “tin-foil-hat conspiracy theory”.

No, I do not agree with the comments of the noble Lord, Lord Macpherson, and it is frankly sad that a person of his reputation is indulging in these ridiculous conspiracy theories. As Forbes business magazine put it, this is yet another “tin-foil-hat conspiracy theory”.

The Government supports a floating pound and it would be wrong of me to comment on what the appropriate level should be—it is for the market, at the end of the day.

The Government supports a floating pound and it would be wrong of me to comment on what the appropriate level should be—it is for the market, at the end of the day.

No and yes.

No and yes.

The noble Baroness speaks with great authority on this subject. Of course, there is no evidence for anybody to report, but if they have evidence, there is regulation on short selling, which is enforced. But I am not aware of anyone providing any evidence beyond scurrilous rumours.

The noble Baroness speaks with great authority on this subject. Of course, there is no evidence for anybody to report, but if they have evidence, there is regulation on short selling, which is enforced. But I am not aware of anyone providing any evidence beyond scurrilous rumours.

I am tempted to reply that if I knew how currencies were going to move, I would be betting on the exchanges myself, but of course I do not because it is a floating market mechanism. The noble Lord is of course welcome to do so if he wishes.

I am tempted to reply that if I knew how currencies were going to move, I would be betting on the exchanges myself, but of course I do not because it is a floating market mechanism. The noble Lord is of course welcome to do so if he wishes.

I really did think that the noble Baroness was better than that, but obviously not. These instruments are not just a speculation tool. Companies can use shorting as a hedging tool to protect themselves from future fluctuations, it can be used by big multinationals and, as she will be well...

I really did think that the noble Baroness was better than that, but obviously not. These instruments are not just a speculation tool. Companies can use shorting as a hedging tool to protect themselves from future fluctuations, it can be used by big multinationals and, as she will be well...

Lords statement on short positions being taken against the pound in the lead-up to a possible no-deal Brexit.

Lords statement on short positions being taken against the pound in the lead-up to a possible no-deal Brexit.