I am sure that entering the exchange rate mechanism was absolutely right and is still right. I regret that we did not do so five years earlier, but that is history. Economic monetary union must come as soon as possible, and with it the single currency. Industry wants the single currency, and we must pay attention to the requests and demands of industry.

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It is bad because it is a negation of democracy … Worst of all is the imposition by parliamentary diktat of a change of responsible party in London government. There cannot be any justification for that. It immediately lays the Conservative Party open to the charge of the greatest gerrymandering in the last 150 years of British history.