HC Deb 12 July 1984 vol 63 cc1393-4 5.37 pm
Mr. Roy Hattersley (Birmingham, Sparkbrook)

I beg to ask leave to move the Adjournment of the House, under Standing Order No. 10, for the purpose of discussing a specific and important——

Mr. John Prescott (Kingston upon Hull, East)

The Prime Minister is leaving. She is running away—frit.

Mr. Speaker

Order. This is unseemly.

Mr. Hattersley

The Prime Minister has gone to look at the indicators. They are down again.

I beg to ask leave to move the Adjournment of the House, under Standing Order No. 10, for the purpose of discussing a specific and important matter that should have urgent consideration, namely, the deteriorating economic situation of this country. That the subject is specific and important cannot be in doubt, as one fact demonstrates. During the last seven days the value of the pound has steadily depreciated, not only against the dollar, but at a faster speed against major European currencies. The immediate consequence of that depreciation has been an increase in domestic interest rates, which is bound to affect inflation, investments, profits and mortgage rates. The failure of the House to discuss these matters would be utterly incomprehensible to millions of families who are desperately worried about their jobs, mortgage repayments and standard of living.

The Third Reading of the Finance (No. 2) Bill—which follows—offers the House no real chance to discuss those matters because in such debates we are required to confine our comments to the contents of the Bill. The fast deteriorating economy requires a far wider forum of discussion than a Third Reading debate allows.

Therefore, Mr. Speaker, I put a simple proposition to you and the House. The British economy is not yet in crisis, but it will be unless some policies are swiftly and radically changed. The House of Commons should have the opportunity to argue for those changes, and to argue for them now.

Mr. Speaker

The right hon. Member for Birmingham, Sparkbrook (Mr. Hattersley) asks leave to move the Adjournment of the House for the purpose of discussing a specific and important matter that he thinks should have urgent consideration, namely, the deteriorating economic situation —[Interruption.] Order. I am terribly sorry, but the right hon. Gentleman has provided me with a very bad photocopy, which I cannot read.

Mr. Hattersley

With the greatest respect, Mr. Speaker, I supplied you with a quite different copy from the one that you have. However, I am glad to repeat the Opposition's concern, about the deteriorating economic situation of this country, which should be debated here and now.

Mr. Speaker

I shall start again. The right hon. Member asks leave to move the Adjournment of the House for the purpose of discussing a specific and important matter that he thinks should have urgent consideration, namely, the deteriorating economic situation of this country. I listened carefully to what the right hon. Gentleman said, but I do not consider that the matter that he has raised is appropriate for discussion under Standing Order No. 10 and I cannot, therefore, submit his application to the House.