OVERVALUATION OF STERLING

That this House notes the comments by former IMF Deputy Director for Europe, Professor Ashoka Mody, that the pound was 20 to 25 per cent overvalued in trade-weighted terms before the Brexit campaign got underway and that this currency distortion would have inflicted deep damage if it had been allowed to continue for another five years; and further notes Professor Mody's conclusion that the UK economy is rebalancing amazingly well and that it is a stunning achievement that a once in a 50 year event should have gone so smoothly.