I welcome the influence of my right hon. and learned Friend the Chancellor of the Exchequer and his resistance to the blandishments of the Governor of the Bank of England when urging him to increase interest rates. Such resistance has made a direct contribution to the healthy economic situation in north-west England. In my constituency of Macclesfield, unemployment is down to 3.2 per cent. and we have recently had the fine announcement of the second runway at Manchester airport. Only last October, Vauxhall announced investment of more than £300 million in Merseyside, which I hope will go some way to offset today's unfortunate announcement by Ford at Halewood—a decision that I deeply regret.