§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will make a statement on the impact of the United Kingdom's membership of the exchange rate mechanism on(a) manufacturing jobs and (b) manufacturing plants. [9785]
§ Mr. Kenneth ClarkeThe United Kingdom's membership of the ERM will have been one of the many features of economic policy and conditions at the time that affected manufacturing jobs and manufacturing plants. It is not possible to quantify precisely with any confidence the effects of ERM membership or any other specific feature of economic policy in isolation from others. ERM membership played an important part in enabling the United Kingdom to begin to reduce inflation and so begin the economic recovery which we are still experiencing.