George Osborne admits price hikes hit Britain hardest - Telegraph

George Osborne admits price hikes hit Britain hardest - Telegraph

The Chancellor agreed that the rise of inflation to four per cent was fuelled in part by the falling value of the pound, which he said had come about because Britain was ''overpriced in the world'' over the past decade when it pursued a growth model based on debt.

But he said that the depreciation of sterling had helped British exporters, who could help ''rebalance'' the economy towards a new model driven by the manufacture of products for sale abroad. And he made clear that he does not see it as his role, as Chancellor, to try to fix the value of the pound.