Part of the debate – in the House of Lords at 3:08 pm on 27 January 2000.
My Lords, I would not dream of endeavouring to teach economics to the Minister or to any other noble Lords, but would my noble friend care to remind the House that sterling fell continuously from 1982 to 1987--I shall not remind your Lordships which party was in power at that time--and that the balance payments on the whole worsened and manufacturing suffered? That might suggest that perhaps the connection between sterling and the real economy is by no means as simple as some commentators suggest.