§ Mr. Teddy Taylorasked the Chancellor of the Exchequer if he will make a statment on the European monetary system in the light of the United Kingdom's signature of the solemn declaration on European union, which commits member states to strengthen the system and to create a European monetary fund.
§ Mr. RidleyI have no statment to make except to emphasise the Government's present commitment to strengthening the European monetary system. The United Kingdom is a member of the EMS, but sterling does not participate in the exchange rate mechanism. The question of future participation will continue to be kept under review.