§ Lord Pearson of Rannochasked 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 HaringeyI 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.