Wednesday, December 14, 2005

Cameron Confirms No Euro

In an important speech today, David Cameron has confirmed his Conservatives will never join the Euro.

"Under the Conservatives, the United Kingdom will retain its own currency and interest rates will be set in the United Kingdom, for the United Kingdom."

He also pledged to maintain Bank of England independence, to appoint a new Fiscal Projections Committee- reporting to Parliament, not the Chancellor- to monitor adherence to the Golden Rules, and to strengthen the newly announced independence of the Office For National Statistics by having it too report to Parliament.

These are all welcome steps, which will make it harder for governments to jeopardize economic stability.

What would complete the set- and really make our Christmas- would be to pledge that third Golden Rule to limit the growth of public spending (see eg the Reform proposal).

Come on Mr C- you know you ought to.

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