§ Mr. Redmond
To ask the Chancellor of the Exchequer what review he is currently giving to membership by the United Kingdom of the ERM; and if he will make a statement.
§ Mr. Nelson
I have made it clear that sterling could not join the ERM for some time ahead—possibly not in this Parliament. Re-entry cannot be considered until there is greater convergence between the monetary policies appropriate for all the Community economies and I should also need to be satisfied that the system would be operated to the benefit of all its members.