Sir Geoffrey was replying to Paddy Ashdown, leader of the Liberal Democrats, who asked if it was `mere coincidence" that the average level of inflation for countries outside full membership of the European Monetary System was double that of those inside. 
`How much longer will businesses, mortgage holders and industry have to pay for the Prime Minister's lonely obsession of keeping Britain out of the EMS and keeping in her own hands the power to fiddle the economy for electoral purposes?" Mr Ashdown asked. 
Gareth Wardell (Lab, Gower) ventured that the majority of homeowners and industrialists would <tag "515647">derive</> some comfort from seeing Britain in the EMS `rather than the daily spectacle of the Chancellor clinging desperately to the rate of interest like a dead man clings to a live electric wire".   

