If Jim invests the excess cash in UK Treasury bills, would this reduce the firm’s exposure to exchange rate risk?

Ever since Jim Logan began his Sports Exports Company (Ireland), he has been concerned about his exposure to exchange rate risk. The firm produces basketballs and exports them to a distributor in the United Kingdom, with the exports being denominated in British pounds. Jim has just entered into a joint venture in the United Kingdom in which a British firm produces sporting goods for Jim’s firm and sells the goods to the British distributor. The distributor pays pounds to Jim’s firm for these products. Jim recently borrowed pounds to finance this venture, which created some cash outflows (interest payments) that partially offset his cash inflows in pounds. The interest paid on this loan is equal to the British Treasury bill rate plus 3 percentage points. His original business of exporting has been very successful recently, which has caused him to have revenue (in pounds) that will be retained as excess cash. Jim must decide whether to pay off part of the existing British loan, invest the cash in the euro denominated Treasury bills, or invest the cash in British Treasury bills.