Single Currency

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 20th July 2000.

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Photo of Gordon Brown Gordon Brown The Chancellor of the Exchequer 12:00 am, 20th July 2000

I am grateful to my hon. Friend. I know of his particular interest in industry in Wales and I understand the difficulties that exporters, especially those in the manufacturing sector, face. I also understand the particular difficulties of the steel industry in Wales and elsewhere. He will agree with me that what manufacturers want least of all is a return to the stop-go policies of the past. After all, those policies killed 1 million manufacturing jobs at the beginning of the 1990s and made for record numbers of repossessions. In the years that the shadow Chancellor was at the Treasury, we had 15 per cent. interest rates, a £50 billion borrowing requirement and, in 1992, 22 tax rises. He is now going to have £16 billion of public spending cuts in 2000 if he gets his way.