The well-being of the British people and the health of our economy are far more important than any government's commitment to a particular strategy, … - Geoffrey Howe

The conflict of loyalty, of loyalty to my right hon. Friend the Prime Minister--and, after all, in two decades together that instinct of loyalty is still very real--and of loyalty to what I perceive to be the true interests of the nation, has become all too great. I no longer believe it possible to resolve that conflict from within this Government. That is why I have resigned. In doing so, I have done what I believe to be right for my party and my country. The time has come for others to consider their own response to the tragic conflict of loyalties with which I have myself wrestled for perhaps too long.

Britain's future depends, above all, on mastering inflation. That can be done, as the right hon. Member for Leeds, East (Mr. [Denis] Healey) well knows, only if we bring the money supply under firm control, progressively reduce the rate of monetary growth over the years and pursue the most rigorous restraint on public spending. The supposed alternatives to these policies are a delusion. None of those alternatives would be responsible and none would be sustainable. The action that I have taken today underlines the Government's total and continuing commitment to getting inflation down.

How on earth are the Chancellor and the Governor of the Bank of England, commending the 'Hard ECU' as they strive to, to be taken as serious participants in the debate against that kind of background noise? I believe that both the Chancellor and the Governor are cricketing enthusiasts, so I hope that there is no monopoly of cricketing metaphors. It is rather like sending your opening batsmen to the crease only for them to find, the moment the first balls are bowled, that their bats have been broken before the game by the team captain.