LONDON (AFP)--The U.K. won't set a target rate for the pound, and is instead focused on targeting inflation, a junior finance minister said Sunday.
"We have never had a policy of targeting the pound," Chief Secretary to the Treasury Yvette Cooper told the BBC. "Our policy has been to target inflation and that, I think, has been the right way. It has paid off over the last 10 or 11 years."
Cooper's comments came after the pound hit record lows against the euro for a fifth day running Friday on growing concerns over the outlook for the U.K. economy.
"You will recall that previous attempts to target exchange rates - for instance through the Exchange Rate Mechanism - weren't successful and caused all kinds of problems," she added.
Cooper acknowledged that the declining strength of the currency is having an adverse impact on some individuals, particularly U.K. tourists. But she noted that the country's exporters are seeing benefits.
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