Osborne says Britain, along with G7, not targeting forex levels

LONDON Mon Feb 25, 2013 11:30am EST

Britain's Chancellor of the Exchequer, George Osborne, is seen waving after delivering his keynote speech at the Conservative Party conference in Birmingham, central England in this October 8, 2012 file photograph. REUTERS/Darren Staples

Britain's Chancellor of the Exchequer, George Osborne, is seen waving after delivering his keynote speech at the Conservative Party conference in Birmingham, central England in this October 8, 2012 file photograph.

Credit: Reuters/Darren Staples

LONDON (Reuters) - Britain's finance minister said his government, like those of other developed economies, was committed to not targeting specific levels for its currency.

Asked in parliament about the impact on the pound of a downgrade of Britain's credit rating, Osborne recalled a recent statement by the Group of Seven economies, which Britain currently chairs.

"The G7 issued a very clear statement that we are not targeting an exchange rate. An exchange rate flows from the economic policies we pursue at home to improve our domestic economies."

Osborne was appearing in parliament to answer a question from the Labour Party opposition about the downgrade announcement by Moody's late on Friday. Economists have said the move could boost British exports by weakening the pound.

(Reporting by David Milliken and Costas Pitas, writing by William Schomberg; Editing by Ruth Pitchford)

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