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Impact on the UK's economy of fluctuations of the value of the pound to be debated by the Lords


On Thursday 17 November 2016 members of the House of Lords will debate the impact fluctuations in the value of the pound has on the economy and investment.

The debate will be opened by Baroness McIntosh and held in the House of Lords Chamber. Members scheduled to speak include Lord Bilimoria, founder of Cobra Beer, and the industrialist Lord Paul.

Speaking ahead of the debate, Baroness McIntosh said:

"Recent fluctuations in the value of the pound have taken money out of the economy by discouraging savers from spending and investors from investing. The benefits to exporters have been modest at best.

“Farmers are enjoying a temporary boom in the level of farm payments, but this will cease once we leave the EU.

“Latest figures show only a small reduction in our trade deficit. Spending by tourists visiting us appears to outstrip spending by UK residents, but there remain great opportunities to substitute home-produced food and other goods for imports.

“This debate will demonstrate the impact of fluctuations in pound sterling on the wider economy and rural areas in particular reflecting my roots.”

Other Members scheduled to speak include Lord Davies of Oldham, Lord Haskel and Lord Vinson. Lord Young of Cookham will respond on behalf of the Government.

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