INTEREST RATES AND THE ERM

That this House welcomes the further reduction in interest rates with the consequent favourable impact on employment and industrial regeneration; notes that this move was only made possible by the £ sterling's withdrawal from the ERM; offers its sympathy to nations, including France & Eire, still suffering from the high interest rates imposed upon them by the European Monetary System; and expresses its determination that the United Kingdom will not rejoin the Exchange Rate Mechanism, either through the Maastricht Treaty or for any other reason.