International Banking: Payments

Debate between Baroness Bryan of Partick and Lord Livermore

Thursday 28th November 2024 Lords Chamber

[Lord Livermore (Lab)]

I share some of the noble Baroness’ frustrations in this regard. I am always happy to vouch for her that she is not a terrorist; I am very certain of that fact. The noble Baroness is obviously making a very serious point. Clearly, fragmentation along the lines that she describes would be very damaging to the global economy—we must ensure that this does not proceed. The evidence of the extent to which fragmentation has occurred is mixed, and we should keep an eye on the data. I very much bear in mind the points she makes.

[Baroness Bryan of Partick (Lab)]

Can the Minister understand the concerns of BRICS and other countries about how the US uses the dollar for political ends, such as sanctions against Cuba?

[Lord Livermore (Lab)]

No, I would not agree with my noble friend on that point.