§ Mr. SpearingTo ask the Chancellor of the Exchequer what studies have been made by Her Majesty's Government of the benefit for the United Kingdom of economic and monetary union and a common currency, respectively.
§ Mr. Maude[holding answer 26 June 1991]: I refer the hon. Member to my answer given to him on 7 December 1990 at column 216. In addition, Her Majesty's Government published in January this year draft proposals for a hard ecu, to be managed by a European monetary fund; these were tabled at the intergovernmental conference. In his speech to the House on 24 January, Official Report, column 470, my right hon. Friend the Chancellor of the Exchequer set out the Government's assessment both of a single currency and of our proposals for a hard ecu.