§ Sir Thomas ArnoldTo ask the Chancellor of the Exchequer whether he favours the establishment of an independent central bank.
§ Mr. NelsonMy right hon. Friend has no plans to establish an independent central bank. If at some future date the United Kingdom decided to move to stage 3 of European economic and monetary union, steps would have to be taken to ensure that the Bank of England, as part of the European system of central banks, would enjoy the degree of independence required by the treaty on European union.