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Cable: GBP overvalued by 10-15%

UK Business Secretary Vince Cable said Britain’s economic growth is being hurt by stalled exports, partly as a result of the high value of the British pound.

“The pound is overvalued by 10 to 15% on a trade-weighted basis,” Cable told a side meeting yesterday at his Liberal Democrat party’s annual conference in Glasgow, Scotland. “This feeds back into monetary policy. It is a significant problem that we can’t directly address.”

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