I follow my hon. Friend's line of argument. As he knows, Bretton Woods was blown away by the oil crisis, just as every other system of fixed exchange rates has been blown away by one factor or another.
What I am trying to tell the Committee, particularly those Labour Members who do not want to hear it, is that the inevitable consequence of pursuing fixed exchange rates will be unemployment for their constituents. Sadly, there will be unemployment for my constituents, too. I do not believe in this policy, which is why I am resisting it. I do so not because of any brief that I have picked up from central office or from anyone else's office or from any lobby group—this is what Christopher Gill feels so strongly in his heart, and what is demonstrated by the economic history of this century.