§ Mr. Ian Wrigglesworth (Stockton, South)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 rise in interest rates which has taken place today.This is a specific matter because it concerns a 2 per cent. increase in the base rate, which will have a profound impact on the economy and the Government's policy.The matter is important because the rise will substantially increase costs to industry—they have risen by over £1 billion since the beginning of the year—and almost inevitably lead to substantial increases in mortgage interest rates for householders and others who borrow money. The rise will undermine the foundations of the Government's economic policy.
The House should give urgent consideration to the matter, not least because there will not be another opportunity to consider it in the near future. You will recall, Mr. Speaker, that when a smaller increase in interest rates took place only a short while ago you allowed a private notice question and the Chancellor of the Exchequer made a statement to the House. We have had no statement today and no opportunity to discuss the issue.
I hope, Mr. Speaker that you will accept my application to provide the House with the opportunity to have a short debate on the Government's economic strategy for the future, what reserves are being used to bolster the pound, what the Government's exchange rate policy is and what will happen to interest rates in the future. I hope that you will provide the House with an early opportunity to discuss the matter.
§ Mr. SpeakerThe hon. Gentleman asks leave to move the Adjournment of the House, under Standing Order No. 10, for the purpose of discussing a specific and important matter that he thinks should have urgent consideration, namely,
the rise in interest rates which has taken place today.I have not today received any application for a private notice question, possibly because the news came after midday. I have listened carefully to what the hon. Gentleman has said, but I regret that I do not consider that the matter he has raised is appropriate for discussion under Standing Order No. 10, and I cannot therefore submit his application to the House.