Middle East: Economic Response

Lord Howell of Guildford Excerpts

Monday 1st June 2026 Lords Chamber

[Lord Howell of Guildford (Con)]

My Lords, the Minister will remember—at least I think he will remember—that, after 1945, the best brains of Britain, America and some other countries got together to rebuild the entire financial stability and structure of international institutions on the rubble of the Second World War. Today, nearly all those institutions are in very serious trouble. Is there enough attention being paid by us and other countries to rebuild them in a way that will restore financial stability generally? Without that, all our own efforts are going to be minimised.

[Lord Livermore (Lab)]

I do not personally remember 1945, although I have read about it. The noble Lord is absolutely right on the importance of international institutions. The G7 has been a very important institution in this crisis and in previous crises, and the Government are fully committed to the G7, in particular, playing its full part and to making sure that the IMF and many of our institutions play their full part in dealing with all international crises.