§ Mr. Ridley
Do not we seem to be in a period when exchange rates are constantly coming under pressure? Rather than trying to adjust these by taking it out on the British people by savage taxation and deflation, would it not be better to let currencies find their own levels?
§ Mr. Jenkins
Apart from the fact that it would be contrary to our obligations under the I.M.F. articles of agreement, I do not think that it would have the beneficial consequences which the hon. Gentleman suggests.