Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 4:51 pm on 10th March 1999.

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Photo of Geraint Davies Geraint Davies Labour, Croydon Central 4:51 pm, 10th March 1999

Are we meant to understand from the right hon. Gentleman's speech that, given the chance, he would reverse the independence of the Bank of England, alongside his intention never to join the euro? In such a situation, long-term interest rates for British industry would rocket, there would be a huge migration of international capital out of the country and the rate of unemployment would escalate.