§ Mr. McCrindle
To ask the Chancellor of the Exchequer if he has made an estimate of the effect on the United Kingdom's balance of trade with European Economic Community countries if it remains outside the European monetary system in 1992.
§ Mr. Lilley
No. Britain is a member of the European monetary system. I imagine my hon. Friend is referring to the exchange rate mechanism of the system. There is no reason to suppose remaining outside the exchange rate mechanism will significantly affect the balance of trade between the United Kingdom and the European Community.