OVERVALUATION OF STERLING

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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.