§ Mr. Jim Cunningham
To ask the Chancellor of the Exchequer what forecast he has made of when Britain will be economically strong enough to reconsider rejoining the ERM.
§ Mr. Nelson
Sterling's re-entry to the ERM could not be considered until there is greater convergence between the monetary policies appropriate for all the Community economies. I should also need to be satisfied that the system would be operated to the benefit of all its members. I do not expect these conditions to be met during this Parliament.