HL Deb 28 March 2001 vol 624 c36WA
Lord Shore of Stepney

asked Her Majesty's Government:

Further to their reaffirmation of the policy not to rejoin the exchange rate mechanism (ERM), as stated in the Written Answer by Lord McIntosh of Haringey on 14 March (WA 95), what alternative measure of exchange rate stability has been agreed between the United Kingdom Government and their European Union partners. [HL1372]

Lord McIntosh of Haringey

As my right honourable friend the Chancellor said on 1 March 2001 (Official Report, col. 1030), "The best contribution that the Government can make to delivering a stable and competitive pound over the medium term is to adhere to stability-oriented policies based on delivering low inflation and sound public finances".