Pre-Budget Statement

Part of the debate – in the House of Commons at 3:30 pm on 25th November 1997.

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Photo of Ken Livingstone Ken Livingstone Labour, Brent East 3:30 pm, 25th November 1997

Will the Chancellor give some forecast about the likely risk of slipping, not only down to 1.5 per cent. GDP growth in our third year, but into recession as the high pound continues to erode our export potential? Given the now inevitable devaluation of the yen, coming on top of the devaluation of south-east Asian currencies, and the fact that the deutschmark has led all the European currencies down about 15 per cent., will we not face a major balance of payments crisis unless we do something to bring down the value of the pound, which means tackling interest rates?