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European Council

I do not want to sound uncharitable, but I remember that the last Conservative Government negotiated the opt-out from the single currency that gave us the ability to stay out of the single currency, and I pay tribute to my right hon. Friend the Foreign Secretary, who, in difficult circumstances, made the argument against the single currency. What I remember, when the hon. Gentleman was sitting on the Government Benches rather than on the Opposition Benches, is the then Government wasted about £30 million on preparations for joining the euro. I could have given them that advice for free: do not join it.