§ Mr. Livsey
asked the Chancellor of the Exchequer what representations he has recently received concerning joining the European monetary system; and if he will make a statement.
§ Mr. Ian Stewart
The United Kingdom is already a member of the European monetary system but does not participate in the exchange rate mechanism, regarding which the position is kept under regular review. My right hon. Friend has received representations on this subject from the CBI and a number of others.