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To ask Her Majesty’s Government what is their estimate of the impact of sterling devaluation on the rate of inflation.[HL5683]
To ask Her Majesty’s Government what is their estimate of the impact of sterling devaluation on the rate of inflation.[HL5683]
Asked by
Lord Myners
(Labour)
Answered by
Lord Deighton
(Conservative)
Type
Written questions
Status
Answered
Answered on
11 March 2013
The Office for Budget Responsibility (OBR) is responsible for producing independent economic and fiscal forecasts and will publish a new forecast alongside the Budget on 20 March 2013. The forecast for inflation will reflect the OBR’s assessment of the impact of any sterling depreciation.
Subjects
Inflation; Currency realignment
Date
11 March 2013
Reference
744 c27WA; HL5683
House
House of Lords
To ask Her Majesty’s Government whether the devaluation of Sterling forms part of their economic policy; and, if not, what action they intend to take to counter it.[HL5682]
To ask Her Majesty’s Government whether the devaluation of Sterling forms part of their economic policy; and, if not, what action they intend to take to counter it.[HL5682]
Asked by
Lord Myners
(Labour)
Answered by
Lord Deighton
(Conservative)
Type
Written questions
Status
Answered
Answered on
4 March 2013
The UK operates a floating exchange rate. The Government's macroeconomic framework includes an independent Bank of England, responsible for monetary policy, which seeks to deliver price stability through an inflation target defined as a 2% annual increase in the consumer prices index. Under this framework the exchange rate is allowed to adjust flexibly and the Government have a policy of non-intervention.
Subjects
Exchange rates; Currency realignment
Date
4 March 2013
Reference
743 c372WA; HL5682
House
House of Lords
To ask Her Majesty’s Government what assessment they have made of the existence of competitive currency devaluation among major countries. [HL5051]
To ask Her Majesty’s Government what assessment they have made of the existence of competitive currency devaluation among major countries. [HL5051]
Asked by
Lord Barnett
(Labour)
Answered by
Lord Deighton
(Conservative)
Type
Written questions
Status
Answered
Answered on
12 February 2013
The Government remain vigilant to the risk of excessive volatility and disorderly movements in exchange rates, which can have adverse implications for economic and financial stability. At the G20 summit at Los Cabos in June 2012, leaders reaffirmed their long-standing commitment to refrain from competitive devaluation of currencies and to move more rapidly toward market-determined exchange rate systems and exchange rate flexibility) to reflect underlying fundamentals.
Subjects
Currency realignment
Date
12 February 2013
Reference
743 c143WA; HL5051
House
House of Lords
To ask Her Majesty’s Government whether they will publish a table showing the value of the pound in each year since 1992 against an index of 100 for the value of the pound in 1974.
To ask Her Majesty’s Government whether they will publish a table showing the value of the pound in each year since 1992 against an index of 100 for the value of the pound in 1974.
Asked by
Lord Wigley
(Plaid Cymru)
Answered by
Lord Wallace of Saltaire
(Liberal Democrat)
Answering body
United Kingdom Statistics Authority
Type
Written questions
Status
Answered
Answered on
8 February 2012
The information requested falls within the responsibility of the UK Statistics Authority. I have asked the authority to reply.
Letter from Stephen Penneck, Director-General for ONS, to Lord Wigley, dated February 2012.
As Director General for the Office for National Statistics (ONS), I have been asked to reply to your Parliamentary Question asking if the ONS could publish a table showing the value of the pound in each year since 1992 against an index of 100 for the value of the pound in 1974 [HL15384].
ONS already publishes information on the value of the pound in one year compared to others covering 1977 to 2011 in table 33 of the detailed Consumer Prices Index and Retail Price Index Reference tables available at: http://www.ons.gov.uk/ons/rel/cpi/consumer-price-indices/december-2011/cpi-and-rpi-detailed-reference-tables.xls.
It is recognised that certain users may be interested in comparisons for earlier years and therefore instructions are provided alongside the published data so that users can make comparisons back to 1947. Table 1 provides the analysis you have requested.
| Table 1: Value of the pound in 1992 to 2011 when the value of the pound in 1974 = 100 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| pence | ||||||||||
| 1974 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 |
| 100 | 20 | 20 | 19 | 18 | 18 | 17 | 17 | 17 | 16 | 16 |
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| 16 | 15 | 15 | 14 | 14 | 13 | 13 | 13 | 12 | 12 |
Subjects
Currency realignment
Date
8 February 2012
Reference
15384; 735 c76WA
House
House of Lords
To ask Her Majesty’s Government whether they have plans to bring about further sterling devaluation to reverse the deterioration in the United Kingdom’s international trade account.
To ask Her Majesty’s Government whether they have plans to bring about further sterling devaluation to reverse the deterioration in the United Kingdom’s international trade account.
Asked by
Lord Myners
(Labour)
Answered by
Lord Sassoon
(Conservative)
Type
Written questions
Status
Answered
Answered on
16 November 2011
The Government are committed to ensuring a stable macro-economic environment.
Subjects
Sterling; Currency realignment
Date
16 November 2011
Reference
13394; 732 c168WA
House
House of Lords
To ask Her Majesty’s Government whether they will ensure that the United Kingdom’s improving relations with China, especially in trade, are not jeopardised by any pressure being exerted by the European Union on the Government of China to revalue their currency.
To ask Her Majesty’s Government whether they will ensure that the United Kingdom’s improving relations with China, especially in trade, are not jeopardised by any pressure being exerted by the European Union on the Government of China to revalue their currency.
Asked by
Lord Stoddart of Swindon
(Independent Labour)
Answered by
Lord Howell of Guildford
(Conservative)
Type
Written questions
Status
Answered
Answered on
27 October 2010
The Government are committed to expanding and deepening relations with China. My right honourable friend the Prime Minister’s forthcoming trip to China will demonstrate the breadth of our political and trade relationship: he will take a delegation of 50 UK business leaders. We will continue to work actively for a strategic EU-China relationship which contributes to the prosperity and security of EU member states. There are a range of structural economic reforms that would help the Chinese Government to achieve their aim of rebalancing their economy towards domestic consumption.
Subjects
China; Foreign relations; EU external relations; Currency realignment
Date
27 October 2010
Reference
2819; 721 c283WA
House
House of Lords
My Lords, the Pre-Budget Report 2008 states: "““Export volumes growth in 2009 is forecast to be 0 to ½ per cent, but as growth in the UK’s export markets recovers and the effects from sterling gradually encourage more companies to pursue export opportunities, growth is forecast to pick up in 2010 and further in 2011””."
The Pre-Budget Report also mentions that, "““the pass-through from sterling’s depreciation will exert upward pressure””,"
on prices, but it states that inflation is expected to return to target in 2011 as other factors exert downward pressure.
My Lords, the Pre-Budget Report 2008 states: "““Export volumes growth in 2009 is forecast to be 0 to ½ per cent, but as growth in the UK’s export markets recovers and the effects from sterling gradually encourage more companies to pursue export opportunities, growth is forecast to pick up in 2010 and further in 2011””."
The Pre-Budget Report also mentions that, "““the pass-through from sterling’s depreciation will exert upward pressure””,"
on prices, but it states that inflation is expected to return to target in 2011 as other factors exert downward pressure.
Answered by
Lord Myners
(Labour)
Asked by
Lord Barnett
(Labour)
Type
Oral answers to questions
To ask Her Majesty’s Government what consideration they have given to whether a decline in the sterling exchange rate is good or bad for economic recovery.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the adjustment that we have seen in the value of sterling should be helpful to British exporters, including, in particular, the very large manufacturing sector, to which my noble friend Lady Whitaker referred last week. It should also mean that opportunities emerge for domestic manufacturers to supply domestic demand which has previously been met by production from overseas. I assure my noble friend that the Government’s monetary policy will continue to pursue the framework that has successfully been in place since 1987—namely, to target inflation and not an exchange rate.
My Lords, the adjustment that we have seen in the value of sterling should be helpful to British exporters, including, in particular, the very large manufacturing sector, to which my noble friend Lady Whitaker referred last week. It should also mean that opportunities emerge for domestic manufacturers to supply domestic demand which has previously been met by production from overseas. I assure my noble friend that the Government’s monetary policy will continue to pursue the framework that has successfully been in place since 1987—namely, to target inflation and not an exchange rate.
Answered by
Lord Myners
(Labour)
Asked by
Lord Barnett
(Labour)
Type
Oral answers to questions
My Lords, I think that I thank my noble friend; I am not sure that that answers my Question. Does he accept that the depreciation of the currency is positively helpful as a step towards economic recovery in the sense that it will help to get us out of the recession rather quicker than would have been the case without that correction of the currency? Can he assure us that he will leave the currency to find its own level and not seek to manage it in some strange way that I am not sure about?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, does the Minister agree that devaluing sterling is short-changing our depositors and that competitive devaluations were a very damaging feature of the 1930s?
My Lords, does the Minister agree that devaluing sterling is short-changing our depositors and that competitive devaluations were a very damaging feature of the 1930s?
Asked by
Lord Cobbold
(Crossbench)
Oral questions - Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, I do not think the market movement in sterling has an effect on the value of deposits. Many factors do, but that is not one within a domestic economy. Nor do I think that we are engaged in any way in a programme of competitive devaluations. Our exchange rate is set according to a free market.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441-2
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I think that I thank my noble friend; I am not sure that that answers my Question. Does he accept that the depreciation of the currency is positively helpful as a step towards economic recovery in the sense that it will help to get us out of the recession rather quicker than would have been the case without that correction of the currency? Can he assure us that he will leave the currency to find its own level and not seek to manage it in some strange way that I am not sure about?
My Lords, I think that I thank my noble friend; I am not sure that that answers my Question. Does he accept that the depreciation of the currency is positively helpful as a step towards economic recovery in the sense that it will help to get us out of the recession rather quicker than would have been the case without that correction of the currency? Can he assure us that he will leave the currency to find its own level and not seek to manage it in some strange way that I am not sure about?
Asked by
Lord Barnett
(Labour)
Oral questions - 1st Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, the adjustment that we have seen in the value of sterling should be helpful to British exporters, including, in particular, the very large manufacturing sector, to which my noble friend Lady Whitaker referred last week. It should also mean that opportunities emerge for domestic manufacturers to supply domestic demand which has previously been met by production from overseas. I assure my noble friend that the Government’s monetary policy will continue to pursue the framework that has successfully been in place since 1987—namely, to target inflation and not an exchange rate.
Subjects
Economic situation; Monetary policy; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I am not sure there was a question there. We are all reassured, however, that we can rely upon the Peston family for advice.
My Lords, I am not sure there was a question there. We are all reassured, however, that we can rely upon the Peston family for advice.
Answered by
Lord Myners
(Labour)
Asked by
Lord Peston
(Labour)
Type
Oral answers to questions
My Lords, is my noble friend aware that in economics we rarely have a laboratory experiment with respect to the exchange rate? The exchange rate plunged in 1992 when we left the ERM. For four years from then our share of world exports rose continuously. Therefore the answer to my noble friend’s Question is very simple and straightforward: it is good and it is not bad. The more interesting question is: what is the likely path of the exchange rate this year? If noble Lords opposite want some free financial advice and fancy a punt, my guess is that the forward purchase of sterling over the coming year will be highly profitable.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I agree with the observation of the noble Lord, Lord Higgins, that we are free to set our own interest rates. As a member of the single currency, we would be bound to the single-currency interest rates. On his second question, the Government’s forecasts take account of elasticities of demand and supply in terms of their effect on the trade account.
My Lords, I agree with the observation of the noble Lord, Lord Higgins, that we are free to set our own interest rates. As a member of the single currency, we would be bound to the single-currency interest rates. On his second question, the Government’s forecasts take account of elasticities of demand and supply in terms of their effect on the trade account.
Answered by
Lord Myners
(Labour)
Asked by
Lord Higgins
(Conservative)
Type
Oral answers to questions
My Lords, would the noble Lord agree that if we were members of the European single currency it would not have been possible for us to cut interest rates in the way which the Government have, and that that would not have been likely to assist economic recovery? As far as the exchange rate is concerned, would he agree that the effect depends on the elasticity of demand for exports and imports? Have the Government made an up-to-date estimate of these?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the Government are required under the Industry Act to place economic forecasts before Parliament on two occasions in a year and no doubt my friend the Chancellor of the Exchequer will do so at the time of the Budget.
My Lords, the Government are required under the Industry Act to place economic forecasts before Parliament on two occasions in a year and no doubt my friend the Chancellor of the Exchequer will do so at the time of the Budget.
Answered by
Lord Myners
(Labour)
Asked by
Lord Newby
(Liberal Democrat)
Type
Oral answers to questions
My Lords, the noble Lord said that the Pre-Budget Report assumed that exports would start growing in the second half of the year. What is the Government’s current estimate as to when the economy as a whole will start growing again?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I do not think the market movement in sterling has an effect on the value of deposits. Many factors do, but that is not one within a domestic economy. Nor do I think that we are engaged in any way in a programme of competitive devaluations. Our exchange rate is set according to a free market.
My Lords, I do not think the market movement in sterling has an effect on the value of deposits. Many factors do, but that is not one within a domestic economy. Nor do I think that we are engaged in any way in a programme of competitive devaluations. Our exchange rate is set according to a free market.
Answered by
Lord Myners
(Labour)
Asked by
Lord Cobbold
(Crossbench)
Type
Oral answers to questions
My Lords, does the Minister agree that devaluing sterling is short-changing our depositors and that competitive devaluations were a very damaging feature of the 1930s?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441-2
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, within the verbiage to which the noble Lord, Lord Tebbit, refers, I have answered the questions with as much care as I can. I certainly rest assured that, although he accuses me of verbiage, he will not be accusing me of laziness—a description that he has applied to a new member of his Front-Bench team in the other House.
The benefit of a lower exchange rate is enhanced export competitiveness and an ability to provide more demand for domestic production than from overseas sources. That is what I said earlier; I repeat it.
My Lords, within the verbiage to which the noble Lord, Lord Tebbit, refers, I have answered the questions with as much care as I can. I certainly rest assured that, although he accuses me of verbiage, he will not be accusing me of laziness—a description that he has applied to a new member of his Front-Bench team in the other House.
The benefit of a lower exchange rate is enhanced export competitiveness and an ability to provide more demand for domestic production than from overseas sources. That is what I said earlier; I repeat it.
Answered by
Lord Myners
(Labour)
Asked by
Lord Tebbit
(Conservative)
Type
Oral answers to questions
My Lords, I want to ask the Minister again. Underneath that mass of verbiage, was the Answer to the noble Lord’s Question, ““Yes, it’s good”” or ““Yes, it’s bad””? Which was it?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440-1
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, we are in a period of extraordinary economic challenge throughout the world. That is reflected in the likewise extraordinary volatility of exchange rates, stock markets and commodity prices. Our long-term commitment is to a competitive currency, which will be a consequence of our inflation targeting. Given that we have a stable inflation-rate target, that should be reflected over the long term in a stable exchange rate against other currencies. It is, however, a medium to long-term objective and not one that assures valuation on a minute-by-minute or day-by-day basis.
My Lords, we are in a period of extraordinary economic challenge throughout the world. That is reflected in the likewise extraordinary volatility of exchange rates, stock markets and commodity prices. Our long-term commitment is to a competitive currency, which will be a consequence of our inflation targeting. Given that we have a stable inflation-rate target, that should be reflected over the long term in a stable exchange rate against other currencies. It is, however, a medium to long-term objective and not one that assures valuation on a minute-by-minute or day-by-day basis.
Answered by
Lord Myners
(Labour)
Asked by
Baroness Noakes
(Conservative)
Type
Oral answers to questions
My Lords, when asked about the Government’s exchange rate policy, the Exchequer Secretary said in another place last year: "““By maintaining sound public finances and low inflation the Government contribute to exchange rate stability. This is consistent with their objective of a stable and competitive pound””.—[Official Report, 21/4/08; col. 1674W.]"
We do not have sound public finances and we do not have a stable pound. What is the Government’s policy now?
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1442
Chamber / Committee
House of Lords chamber
House
House of Lords
To ask Her Majesty’s Government what consideration they have given to whether a decline in the sterling exchange rate is good or bad for economic recovery.
To ask Her Majesty’s Government what consideration they have given to whether a decline in the sterling exchange rate is good or bad for economic recovery.
Asked by
Lord Barnett
(Labour)
Answered by
Lord Myners
(Labour)
Oral questions - Lead
Status
Answered
For answer on
19 January 2009
Answered on
19 January 2009
My Lords, the Pre-Budget Report 2008 states: "““Export volumes growth in 2009 is forecast to be 0 to ½ per cent, but as growth in the UK’s export markets recovers and the effects from sterling gradually encourage more companies to pursue export opportunities, growth is forecast to pick up in 2010 and further in 2011””."
The Pre-Budget Report also mentions that, "““the pass-through from sterling’s depreciation will exert upward pressure””,"
on prices, but it states that inflation is expected to return to target in 2011 as other factors exert downward pressure.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the noble Lord said that the Pre-Budget Report assumed that exports would start growing in the second half of the year. What is the Government’s current estimate as to when the economy as a whole will start growing again?
My Lords, the noble Lord said that the Pre-Budget Report assumed that exports would start growing in the second half of the year. What is the Government’s current estimate as to when the economy as a whole will start growing again?
Asked by
Lord Newby
(Liberal Democrat)
Oral questions - Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, the Government are required under the Industry Act to place economic forecasts before Parliament on two occasions in a year and no doubt my friend the Chancellor of the Exchequer will do so at the time of the Budget.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1441
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, when asked about the Government’s exchange rate policy, the Exchequer Secretary said in another place last year: "““By maintaining sound public finances and low inflation the Government contribute to exchange rate stability. This is consistent with their objective of a stable and competitive pound””.—[Official Report, 21/4/08; col. 1674W.]"
We do not have sound public finances and we do not have a stable pound. What is the Government’s policy now?
My Lords, when asked about the Government’s exchange rate policy, the Exchequer Secretary said in another place last year: "““By maintaining sound public finances and low inflation the Government contribute to exchange rate stability. This is consistent with their objective of a stable and competitive pound””.—[Official Report, 21/4/08; col. 1674W.]"
We do not have sound public finances and we do not have a stable pound. What is the Government’s policy now?
Asked by
Baroness Noakes
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, we are in a period of extraordinary economic challenge throughout the world. That is reflected in the likewise extraordinary volatility of exchange rates, stock markets and commodity prices. Our long-term commitment is to a competitive currency, which will be a consequence of our inflation targeting. Given that we have a stable inflation-rate target, that should be reflected over the long term in a stable exchange rate against other currencies. It is, however, a medium to long-term objective and not one that assures valuation on a minute-by-minute or day-by-day basis.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1442
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I want to ask the Minister again. Underneath that mass of verbiage, was the Answer to the noble Lord’s Question, ““Yes, it’s good”” or ““Yes, it’s bad””? Which was it?
My Lords, I want to ask the Minister again. Underneath that mass of verbiage, was the Answer to the noble Lord’s Question, ““Yes, it’s good”” or ““Yes, it’s bad””? Which was it?
Asked by
Lord Tebbit
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
19 January 2009
My Lords, within the verbiage to which the noble Lord, Lord Tebbit, refers, I have answered the questions with as much care as I can. I certainly rest assured that, although he accuses me of verbiage, he will not be accusing me of laziness—a description that he has applied to a new member of his Front-Bench team in the other House.
The benefit of a lower exchange rate is enhanced export competitiveness and an ability to provide more demand for domestic production than from overseas sources. That is what I said earlier; I repeat it.
Subjects
Economic situation; Sterling; Exchange rates; Currency realignment
Date
19 January 2009
Reference
706 c1440-1
Chamber / Committee
House of Lords chamber
House
House of Lords