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Labour Unity Under Strain Over EMU Stance

Government unity came under strain after the weekend's briefings by the chancellor's advisers that he was planning to rule out sterling's membership of a European single currency for the five-year lifetime of this parliament.


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21 October 1997

FINALLY, BROWN WILL SAY NO

Gordon Brown, the Chancellor, will put his political credibility on the line next week with a detailed Commons defence of the Government's decision to remain outside monetary union for the whole of the current Parliament.

£10BN OFF SHARES IN BROWN MONDAY

More than £10 billion was wiped off share values yesterday in what the City 'Brown Monday' as the stock market reacted to the mounting confusion caused by Gordon Brown and his advisers over early membership of a single European currency.

Final Election Result:

The state of the parties is as follows:
                   Gains   Losses  Total
   Labour          146     0       418
   Cons            0       178     165
   Lib Dem         30      2       46
   Others          4       0       29
   Speaker         1
Overall majority: 177
Share of vote: Labour 44.4%; Conservative 31.4%; Lib Dem 17.2%; Others 7%.

Swing C to Lab: 10%

Turnout: 71.3%

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