GROUP OF TEN (MONETARY AGREEMENT) (Hansard, 20 December 1971)

§ Mr. Pardoe

I beg to ask leave to move the Adjournment of the House under Standing Order No. 9 for the purpose of discussing an important matter which should have urgent consideration, namely the Government's decision to fix the parity of the pound and to agree to its revaluation at a rate which is likely to have the gravest consequences for the whole of Britain's economy". This is important—far more important than any annual Budget or review of public expenditure. If the Government have this decision wrong, it will have the gravest possible consequences for our balance of payments and therefore our economic growth rate.

We have been fobbed off by the Chancellor whenever we have tried to raise this matter before the decision was made with remarks to the effect that any comment would not help the negotiations. Now, we are, to all intents and purposes presented with a fait accompli.

I maintain that this is an urgent matter because talks are now taking place between the United States President, the 1128 Prime Minister of this country and the Chancellor of the Exchequer. Even at the eleventh hour, it is right to give our view. I admit immediately that this is a complex matter, as has been made obvious from the questions and answers this afternoon. Whether the answers have satisfied opinion is a matter of opinion, but I believe that we should not allow the matter which President Nixon has described as the most significant monetary agreement in the history of the world to pass by without an urgent debate.