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First, I would like to confirm that my right hon. Friend was not only alive in the 1930s but was, as now, absolutely thriving. What he says is important: no one wants to see a string of competitive devaluations. What happened to sterling as a result of the very deep recession here obviously was a depreciation. I do not believe that we can depreciate our way to growth, whatever country we are, but what we should do is use the benefit when there is a structural change to make sure we increase our competitiveness. That is what Britain needs to do.
First, I would like to confirm that my right hon. Friend was not only alive in the 1930s but was, as now, absolutely thriving. What he says is important: no one wants to see a string of competitive devaluations. What happened to sterling as a result of the very deep recession here obviously was a depreciation. I do not believe that we can depreciate our way to growth, whatever country we are, but what we should do is use the benefit when there is a structural change to make sure we increase our competitiveness. That is what Britain needs to do.
With Japan, the eurozone and Switzerland all talking down their currencies, despite the statement by the G7 yesterday, does my right hon. Friend agree that the most important aim of the G20 meeting in Moscow this coming weekend should be to establish means to prevent competitive devaluation, which in the 1930s—[Interruption.] I was alive in the 1930s—as I can remember from my father’s experience, caused widespread unemployment and the protectionism that goes with it?