Part 4
The prime ministerial convoy passed a primary school on their left and Blair’s mind switched back to Britain. Yes, we have delivered on domestic reform this time. No: I’ve delivered, he thought, correcting himself emphatically. Academy schools across the country, NHS trusts up and operating, the fox hunting ban at last, crime down, minimum wage up. It’s not a bad record; good enough to see us through the election even without having split the Tories.
As for the international stage, for all that Gordon wanted to drive policy, that’s never entirely possible when other leaders want to negotiate one-to-one. Still, he’s refocused attention on Africa and development generally, including Afghanistan and Pakistan. Right to do so too.
He did what he said he would on the five tests too, in his last month at the Treasury. Blair pictured in his mind’s eye the opposition front bench across from him when Brown had had reached the peroration of his statement to the House. “Mr Speaker. As I said to the House in my Budget earlier this year, The prudent economic policies of this government have delivered the lowest inflation and the lowest interest rates since the 1960s, lower unemployment than America, Japan or Europe, the highest growth of any of our major competitors and a net public borrowing requirement which will maintain Britain’s net debt as the lowest ratio to GDP in the G7 and the lowest of all our major European competitors.”
“These achievements mean that Britain meets the four fiscal and monetary criteria set out in the Maastricht Treaty. As I have stated to the House earlier in my speech, with reference to this government’s own five tests, it is the Treasury’s assessment that the Britain’s adoption of the Euro would be beneficial to the country, today and for the foreseeable future. It will be good for jobs, stability and growth. It will be good for the financial services industry. It will be good for inward investment and for investment from domestic firms.”
“I can therefore announce that in order for fulfil the fifth Maastricht criterion, Sterling will enter the ERM II mechanism at 6pm this evening at a central rate of €1.54 to the pound.” The final words of Brown’s sentence were lost as the House erupted. The Tory backbenches, which had listened sullenly to the Chancellor reeling off economic statistics and argument now roared their disapproval. Their Labour opposite numbers shouted their approbation and waved their Order papers, even those who were somewhat sceptical about the Euro. The Tory front bench squirmed silently, knowing what was to come next.
“Mr. Speaker,” Brown continued, over the din, “Mr. Speaker. This government will do what is right for Britain. It will therefore introduce a Bill to enable Britain to adopt the Euro on 1 January 2005, subject to the agreement of the British people in a referendum, one I commend to the House.” Blair patted him on the back as he sat down, the two men united for once in the belief that what they were doing was in the interest of the country, their party and themselves – maybe even in that order.