LONDON Feb 25 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
"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
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.