Adjournment (Christmas)

Part of the debate – in the House of Commons at 5:09 pm on 19th December 1990.

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Photo of Mr Anthony Nelson Mr Anthony Nelson , Chichester 5:09 pm, 19th December 1990

I do not want to break the shallow unity that has broken out. Indeed, I was hoping for a more contrite speech from my right hon. Friend, since we had to pay high rates of interest in recent years when we were not members of the exchange rate mechanism.

My right hon. Friend referred to giving the maximum flexibility to politicians, but to exercise proper responsibility we need a stable medium of exchange. Unless we have a secure and valuable medium of exchange—a currency whose value does not change from one minute to the next—how on earth shall we be able to address the deep-seated problems of our economy? If we prefer instead to deal in funny money—in a currency that readily depreciates from year to year—surely we are perpetrating a fraud on the people we represent and are denying ourselves the proper responsibility of addressing our economic problems?