§ Lord Pearson of Rannoch
asked Her Majesty's Government:
Further to the Written Answer by Lord McIntosh of Haringey on 27 May (WA 128), what evidence they have for their belief that stability of:
- (a) exchange rates; and
- (b) the broader macroeconomic environment,
"create the best conditions in which United Kingdom business can thrive". [HL4597]
§ Lord McIntosh of Haringey
I refer the noble Lord to my Answer on 27 May (Official Report, col. WA128), and would add that economic instability in the past brought high and unstable long-term interest rates and high unemployment, constrained the capacity of the economy to expand supply potential and deterred companies from long-term investment.