Mr Major’s Comments on a Common Currency – 2 November 1989

Below is the text of Mr Major’s comments on a Common Currency, made on 2nd November 1989.

QUESTION:

[Mr Major was asked whether the Deutschmark would become the dominant currency]

CHANCELLOR OF THE EXCHEQUER:

What is absolutely certain is that under the Delors Proposal Stage 3 we would move to a single European currency and the pound would go. Now that isn’t acceptable. We think that for a variety of reasons it is wise to keep the pound, the Franc, the Deutschmark, and we think in that we would be supported by people in each and every country in the European Community.

QUESTION:

[Mr Major was asked what would happen if the Deutschmark did take over from the pound]

CHANCELLOR OF THE EXCHEQUER:

You’re raising questions on a premise that I don’t necessarily accept, so I think there’s no need to respond to that.

QUESTION:

[Mr Major was asked whether the UK would now get left behind]

CHANCELLOR OF THE EXCHEQUER:

We’re not that out of step on Delors. There are a wide range of opinions throughout Europe, that are increasingly uneasy about aspects of the Delors Report, and you saw on both sides of the House of Commons that that unease is very widely felt in this country. I think as the debate progresses more and more people will see the advantages of what we propose.