First Day

Part of Debate on the Address – in the House of Commons at 4:03 pm on 6th May 1992.

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Photo of Nicholas Winterton Nicholas Winterton , Macclesfield 4:03 pm, 6th May 1992

I am grateful to the right hon. Gentleman. He has just clearly advocated our membership of the exchange rate mechanism, and has urged the House and the Government to go into the narrow band. Does he accept that the ERM is both an advantage and a disadvantage? If Germany, through its powerful currency, continues to use only high interest rates rather than increasing taxation in Germany to solve its reunification problem, we shall have growing problems within Europe as a whole and in this country in particular. Will the right hon. Gentleman urge the Chancellor of Germany to increase taxes to contribute to the solution of that country's problems?