Does the Secretary of State accept that cuts of £18,000 million will be necessary to meet the convergence criteria for a single currency? Which services are most likely to be cut? Will it be health, education or social services? Does he also accept that almost all the major economic decisions would be transferred from democratically elected Parliaments to the most powerful quango not only in Wales but in the world—the European central bank?
Future taxation and spending decisions are for the Government and for my right hon. and learned Friend the Chancellor of the Exchequer. On any transfer of decision making, my right hon. Friend the Prime Minister has said that we shall not do anything that would damage the nation state. If we thought that any action would do so, we would choose the nation state.
Has my right hon. Friend observed Welsh and overseas reaction to the proposed single currency, notably in Germany yesterday where workers are on strike and are expressing their feelings about expenditure cuts by the German Government? What does my right hon. Friend think?
That emphasises my point that any decision on a single currency should be taken at the appropriate time, and that any positive recommendation to join should be put to a referendum.