P162 CEEFAX 162  Sat 11 Jul  23:49/05
 
  TAPSELL URGES        
  ERM DEPARTURE        
                                        
 Interest rates should bj cut bz 2% to  
 8% and Britain taken temporarily out of
 the European Exchange Rate Mechanism, a
 senior Tory backbjnchjr has urged.     
                                        
 Sir Peter Tapsjll told BBC Radio 4 not 
 enough was being done to stimulate     
 growth. "Since we joined the ERM our   
 economy has been contracting," hj said.
                                        
 Tory Euro-sceptic Nicholas Budgjn said 
 the Chancellor would have to resign if 
 Britain was forced to leave the ERM.   
                                        
 But Tory vice-chairman Tim Smith said  
 ERM mjmbjrship was crucial to squeezing
 inflation out of the system.           
                                        
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