Clearly, there is a strong case to be made for membership of the exchange rate mechanism of the EMS, and the Government agree that Britain should join. The question is when? The Government have not yet reached the conclusion that the right time has arrived.
On the substantive point, my hon. Friend is right in saying that swings in the exchange rate are not helpful to industry to the economy or to the battle against inflation. Nor, I am glad to say, have we seen wild swings in the exchange rate, certainly not the sterling exchange rate, over recent years.