First Day

Part of Debate on the Address – in the House of Commons at 3:23 pm on 6th May 1992.

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Photo of Mr John Major Mr John Major , Huntingdon 3:23 pm, 6th May 1992

Some unions may not even bother to ballot their members. The right hon. and learned Member for Monklands, East (Mr. Smith) has recognised that inequity—and he wants it changed, but not now, not until he is safely home and dry. To paraphrase St. Augustine, "Give me goodness Lord, but not just yet".

Now that the general election is over we see signs of renewed confidence. Business surveys have immediately reflected stronger prospects. The stock market has risen by over 10 per cent., and sterling has risen to DM 2·92. This week we made the ninth successive reduction in British interest rates since we joined the exchange rate mechanism. The latest cut in bank base rates has already led to a further cut in mortgage rates.

This renewed confidence in Britain flows from the economic policies that we laid before the British people, policies designed to encourage the creation of wealth in Britain and for Britain. We understand that without wealth there can be no welfare and without welfare we cannot discharge our responsibilities.

Later this month we will introduce the Finance Bill to enact outstanding measures from the Budget—