Following the previous point, does my right hon. Friend agree that the stability of sterling against the deutschmark, despite the recent rise in German interest rates, shows increasing confidence in the Government's determination to bring down inflation within the exchange rate discipline? Is not that the best framework for a lasting and sustained reduction in interest rates, with the removal of the premium required for holders of sterling in terms of interest rates against other currencies? Is not that better for British industry than the cut-and-run tactics practised by the Opposition?