I sometimes wonder whether Opposition Members write such questions weeks in advance of Question Time. We have been able to reduce interest rates by 2 per cent. since we joined the ERM. The inflation-adjusted exchange rate of the pound against ERM currencies over the past 10 to 20 years shows that the rate at which we entered the ERM is close to the average inflation-adjusted rate over that period. The pound is not uncompetitive against the deutschmark. If it were, how could exports to Germany have risen by 171 per cent. last year?