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 David Taylor David Taylor Labour/Co-operative, North West Leicestershire 12:00 am, 20th July 2000

Given that, under the gold standard, Bretton Woods and the exchange rate mechanism, we always had the right to come out if circumstances changed—as they did and as we did—does my right hon. Friend agree with the previous Chancellor who said that any future decision to abolish the national currency would for all practical purposes be irreversible and that, if things went wrong, we would just have to lump it? How strong a risk does my right hon. Friend believe there is of that happening?