MP says present measures are ‘sticking plasters’ because of lack of competitiveness
Today in the House of Commons the Financial Secretary to the Treasury made a Statement about the Eurozone crisis following the tabling of an Urgent Question. The Minister made clear that Britain would not be contributing to any special bail-out fund but that its contributions to the IMF, together with other countries, would be increasing – but this money cannot be committed to any special purpose vehicle. John Baron MP suggested he take no lectures from the Labour Party and that the core cause of the problem – a lack of competitiveness – had not been addressed.
John said:
“I suggest the Government takes no lectures from the Party opposite. This crisis was caused by excessive debt and the previous Labour Government more than doubled the National Debt.”
“But does he agree with me that the present range of measures are nothing more than sticking plasters because they have not addressed the central cause of the problem, which is a lack of competitiveness? If countries do not pay their way in the world, then this problem will return.”
The Minister very much agreed about Labour’s previous track record and also agreed that the issue of competitiveness needed to be addressed – growth and jobs being the key.
John said afterwards:
“In any normal world, if Greece was outside the Euro then its depreciating currency would allow for greater competitiveness. However, being locked into the single currency means the outlook for them remains glum.”
Ends
Word Count: 260
Date: 3rd November 2011
Notes to Editors
Please also see ‘John Baron MP questions Chancellor over UK’s liability in Eurozone bailout’ [27th October 2011]
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