VALUATION OF STERLING

That this House, noting the launch of the Pound Campaign, a non-partisan group to initiate debate on the effects of the UK exchange rate on British manufacturers and exporters, recognises that exporting is vital for Britain and fundamental to generating sustainable UK economic growth; further recognises the need to boost and strengthen manufacturing to rebuild a healthy broad-based economy; notes the persistence and scale of the UK trade deficit on goods and that Britain has not had an overall trade surplus since 1983 as a result; further notes the link between the level of UK exchange rate and the profitability of manufacturing and exporting for UK-based companies; and therefore calls on the Government to investigate the impact of the current rise in the exchange rate of the pound on the sustainability and profitability of UK-based manufacturers and exporters.