Nicholas Soames – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Nicholas Soames on 2014-04-28.

To ask Mr Chancellor of the Exchequer, how many months of imports the UK’s reserves can cover; and if he will make a statement.

Nicky Morgan

The UK has not operated an exchange rate targeting monetary policy regime since 1992. Rather, foreign exchange reserves are currently held on a precautionary basis, to be used in the event of unexpected shocks.

Latest data shows that the value of the reserves is $110.9bn, up from $71.2bn in June 2010. UK imports averaged £44.4bn per month over 2013.