A Lack of Foreign Confidence

Abstract

My Lords, today, the subject is the current crisis and, on that, although I recognise that many of the splendid speeches which have been delivered in your Lordships’ House this afternoon have covered the main points, it may perhaps be worthwhile picking out one or two salient features of the immediate past and looking forward just a little to the future. A no less serious-minded and experienced person than the Prime Minister himself has argued that what happened before the splendid rescue operation was, so to speak, a manifestation of merely perverse influences. The pound was undervalued, said the Prime Minister, and, on the basis of that assertion, he seemed to convey the impression that anything which had happened to it in the past few weeks was necessarily completely irrational.