I was present when it was laid. I don't think I was actually involved in it. I was there because I wanted to see a fitting memorial to everyone who h… - Jeremy Corbyn

My hon. Friend is right in saying that the Bank of England has often operated against the interests of Labour Governments. That is due to the mandarins who run it. If the hon. Gentleman has such doubts about the running of a bank which theoretically is state-owned and state-controlled, what influence does he think will be possible in the case of an independent central bank dedicated to a course of Euro-monetarism?

The free enterprise policies that produce solely for waste and for profit and that promote a consumerist mentality rather than one of need are damaging to the environment. I am in no sense defending the centralised economies of eastern Europe. They have polluted the north sea and rivers just as industries in Britain and North America have destroyed rivers, wasted natural resources and ruined people's lives by their form of pollution. It is not good enough to promote an economic system that produces for waste and to promote environmental controls in western Europe and North America to look after our environment if at the same time we transfer that destruction of the environment to poorer Third-world countries, either by exporting toxic waste and letting those countries get rid of it by whatever means they can, because they are desperate for foreign currency, or by promoting the destruction of the rain forests, through raping those countries to collect debt payments, when they can make them only by destroying all their natural resources. We live in an age when we have an opportunity to improve our environment and save ourselves from mass destruction through climatic change and environmental disasters.

The right hon. Gentleman should be aware that, two weeks ago, I had an interesting meeting with an environmental campaigning group from the Soviet Union who openly admitted that the industrial policies followed in the past by the Soviet Union and many countries in central and eastern Europe had done a great deal of environmental damage. The difference is that those people felt that they had the power to change the policies to stop the destruction of their own environment. The policies of free-market economies which the right hon. Gentleman propounds have led to the pollution of the North sea and the Irish sea, the destruction of the rain forests in Brazil and Malaysia and long-term serious environmental damage by multinational companies all over the southern countries of this planet.