HC Deb 01 March 1991 vol 186 c657W
Mr. Hardy

To ask the Secretary of State for Trade and Industry what is his estimate of the effect on employment in manufacturing industry and on the level of liquidations of manufacturing businesses of the rate of exchange which currently applies to sterling within the ERM.

Mr. Leigh

[holding answer 27 February 1991]: The United Kingdom's membership of the ERM reinforces anti-inflationary policy. It will therefore have a favourable effect on the economy, including employment prospects in the manufacturing sector, in the long run.