§ The Prime MinisterI have at present no plans to do so.
§ Mr. RostIs the Prime Minister aware that the City, our creditors, and the country would like to know how the Prime Minister's disastrous failure as a former Chancellor of the Exchequer qualifies him to assume responsibilities over the existing discredited Chancellor of the Exchequer? As the Prime Minister, along with everybody else, has lost confidence in the present Chancellor, should the right hon. Gentleman not now appoint somebody else rather than himself to do the job?
§ The Prime MinisterI hesitate to say so, in light of the atmosphere this afternoon, but the hon. Gentleman should not believe all that he reads in newspaper headlines, nor should he believe all the mischief-making articles that may appear on these matters. The situation is quite clear. Thanks to the Government's measures, the IMF loan, and the safety net, the frenetic attitude over sterling is now likely to disappear. Sterling will be much more stable over the next 12 months. Therefore, I wish to focus the country's attention not on the issue of sterling, which is not a real issue at this time, but on the question of the way 1640 in which British industry is to become as productive, efficient and export-minded as possible. To that end I have been invited to take the chair at the next NEDC meeting, and I shall do so. I intend to make a number of industrial visits, and I shall visit factories that are doing well in the export drive. The responsibility of Ministers is in no way altered or diminished, but I intend to try to focus attention on this real issue so that we may overcome inflation and unemployment. That is the story, and that is what it is all about.
§ Mr. Mike ThomasIs my right hon. Friend aware that in the real world—a world which Opposition Members do not inhabit—his reply will be widely welcomed? Will he say what impact the repayment of the special deposits announced at lunchtime will have on the rates of interest paid by industrialists on their investments and on domestic interest rates paid by those who have mortgages?
§ The Prime MinisterThe adjustment made today is a technical one. It is no particular indication of the future level of interest rates. I can only repeat what I said earlier, namely, that I expect to see this declining over the next 12 months. Mortgage interest rates would benefit from such a decline.
§ Mr. CormackWill the Prime Minister go to the City at the earliest opportunity and call at the offices of The Times, and there give a less equivocal statement in support of a free Press than he gave in the House a few moments ago? Does he not realise that a free Press implies freedom to print inaccuracies and to enable people to reply to them?
§ The Prime MinisterWhat I realise is that the Opposition are trying to pursue a party point.