HC Deb 13 February 1997 vol 290 cc456-7
8. Mr. Sheerman

To ask the Chancellor of the Exchequer when he last met the German and French Finance Ministers to discuss the timetable for entry into European monetary union. [14179]

Mr. Oppenheim

Preparations for economic and monetary union are regularly discussed at meetings of the Economic and Finance Council. The last such meeting, which I attended on the Chancellor's behalf, was on 27 January.

Mr. Sheerman

Is the Minister aware that the Chancellor's weakness and vacillation are causing a great deal of concern in Europe about our commitment to Europe? Is he also aware that the leaders of major British businesses are concerned about their future, trading in a Europe with a common currency to which they do not belong? Is it not time that the Government and the Chancellor started running themselves, rather than allowing themselves to be run by right-wing Back Benchers who hate Europe and the ideal of Europe, despite the prosperity that it has brought us over 50 years?

Mr. Oppenheim

When it comes to vacillation, I seem to remember that new Labour has changed its policy on tax, on spending and on grammar schools. As soon as we changed our policy on Europe, it poodled along behind us. In fact, new Labour's unique selling proposition seems to be, "Those guys have made such a mess of things that we are going to copy all their policies."

Mr. Duncan Smith

When my hon. Friend next speaks to his counterparts in Europe, will he explain to them that the shadow Foreign Secretary's recent comments mean that if they do something, the Labour party will automatically follow them into the single currency on economic grounds? Will he explain to his counterparts that Conservatives approach the subject not only as an economic issue but, as my right hon. Friend the Prime Minister said, as an issue with constitutional implications?

Mr. Oppenheim

Yes, my hon. Friend is broadly right. Any commitment to economic and monetary union would be the largest change in our economic affairs for many decades, but would not necessarily lead to political union. My hon. Friend can draw whatever conclusions he wants from that answer.