Sir Teddy Taylor, one of the eight who have drawn up their own European manifesto, insisted that even given the Chancellor's pledge of additions to the economic convergence conditions in the Maastricht treaty, two crucial questions would remain unanswered.
The impasse will delay still further the rebels' return to the party fold, perpetuating John Major's embarrassment over leading a technical minority government. Sir Teddy, angered by this week's revelation that Britain is already investing in the European Monetary Institute, which monitors convergence progress, said the two outstanding questions were: "Is it true that we are working to convergence criteria? And will you link the pound to a European currency when it comes about?"
Sir Teddy, MP for Southend East, attacked the decision by the Bank of England to invest £74.37m towards the running costs of the Frankfurt-based institute as "absolutely appalling".
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