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No. No. No. (Margaret Thatcher)

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Through Central bank and Conservative Party (UK)

Background

On 30 October 1990, a day after returning from the European Council summit meeting in Rome, Thatcher delivered a statement to the House of Commons on the summit. Both her foreign secretary Geoffrey Howe and chancellor Nigel Lawson had threatened resignation the previous year if Thatcher did not agree to let Britain join the European Exchange Rate Mechanism. Thatcher subsequently replaced Howe as foreign secretary with John Major, and appointed Howe leader of the House and deputy prime minister. At the summit, Thatcher went against her cabinet's joint position by rejecting Britain's membership of any future arrangement for an economic and monetary union.

Thatcher was speaking in response to a question from the Leader of the Opposition, Neil Kinnock, when she said that:

The President of the Commission, Mr. Delors, said at a press conference the other day that he wanted the European Parliament to be the democratic body of the Community, he wanted the Commission to be the Executive and he wanted the Council of Ministers to be the Senate. No. No. No.

Thatcher then continued by contending that "perhaps the Labour Party would give all those things up, easily. Perhaps they would agree to a single currency, to total abolition of the pound sterling. Perhaps, being totally incompetent with monetary matters, they'd be only too delighted to hand over the full responsibility, as they did to the IMF, to a central bank", the final part of her statement a reference to the 1976 sterling crisis under a Labour government.

It was a spontaneous expression and had not been prepared.

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