Newsnight 1992: Stephen Dorrell grilled after ERM exit

From the Newsnight archives: 22 September, 1992.

Treasury minister Stephen Dorrell is asked by Jeremy Paxman if the government knows what its economic policy is in the wake of the UK crashing out of Europe's exchange rate mechanism.

Mr Dorrell says that the "fundamental objective" of economic policy has not changed and is exactly the same as it was a fortnight earlier, and the same as it was at the election earlier in the year.

This policy was to provide a "stable, sound money background" against which individuals and businesses "can plan their own affairs confident that money will have the same value tomorrow as it has today".