Cooper Says U.K. Government Targets Inflation, Not the Pound

[Enivid]

U.K. Treasury Chief Secretary Yvette Cooper said that the government has never had a policy of targeting the pound and has an inflation goal instead.

Cooper, asked in an interview on the BBC’s Sunday AM show about the currency’s drop to a record low against the euro, said that there is volatility in financial markets and that ministers avoid doing a “running commentary” on the pound.

Cooper said that deflation is being talked about by commentators and that coordinated policies by the government are needed to combat the recession because interest rates alone won’t work.

From Bloomberg News.