division_name: Economy
motion: <p>
   I beg to move,
  <p> 
   
    That this House notes that the macro-economic policies of this Government have led to an uncompetitive and unstable pound, high real short-term interest rates and an unbalanced economy, that as a consequence of these problems, and the recent global economic slowdown, economic growth forecasts for the UK for 1999 are being revised downwards and unemployment forecasts are being revised upwards, that jobs in manufacturing industry are already being lost at the rate of over 300 per day and that agricultural employment is also declining sharply; and calls upon the Chancellor of the Exchequer to resist pressures and temptations to compromise the operational independence of the Bank of England, recognise the role of fiscal policy in stabilising economic growth in order to avoid excessive reliance on interest rates for such a purpose, make an early Declaration of Intent of the Government's commitment to join the European Single Currency, agree and establish a joint Six-Monthly Report on Convergence by the Treasury and the Bank of England to the Treasury Committee, take further actions to tackle skills shortages, and maintain the recent plans for additional investment in key public services such as the NHS and schools. 
  <p>
   I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:
  <p> 
   
    "notes that the Government inherited an economy in which public sector net borrowing was &#163;28 billion, inflation was set to rise sharply above target because of the failure of the previous Government to take the necessary action on interest rates; recalls that the previous Government presided over a boom and bust economy where interest rates reached 15 per cent. and inflation reached 10 per cent., doubled the national debt in the 1990s, worsened inequality and failed to tackle the weaknesses in the British economy; commends the actions of this Government which is steering a course of stability in an uncertain and unstable world, has established a credible framework for monetary policy that has led to the lowest long-term interest rates in 35 years, and inflation hitting its 2.5 per cent. target, and has taken tough action to cut government borrowing by &#163;20 billion; and welcomes the increase in employment of 400,000 since the election, the launch of the New Deal, reform of the tax and benefit system to tackle unemployment and poverty traps, support for British business through cuts in corporation tax and small business tax to their lowest levels ever, and the extra investment of &#163;40 billion in education and health over the next three years."
  <p>Question put,  That the original words stand part of the Question:--
  <p>The House divided:  Ayes 43, Noes 330.
   