European Affairs

The Government's policy on the euro has not changed at all, as the hon. Gentleman knows. He says that over the past year there have been benefits to our having the pound, but there have been problems as well. I have met a lot of expatriates living in Spain, Greece and elsewhere. They face significant problems, because their savings in pounds have depreciated considerably; many Members have written about this on their constituents' behalf. The hon. Gentleman is right in other respects, however. For the British tourist industry, the problems of the recession have been softened because many French, German and Spanish people, for instance, have been able to come here as they have found it an affordable holiday option.