G7

Barry Sheerman Excerpts

Wednesday 10th June 2015 Commons Chamber

[The Prime Minister]

My hon. Friend makes an important point. There has been a mixed picture since the Minsk agreements were signed. Overall, there has been some sign of lower levels of violence and aggression, so we should recognise that. I think the decision to roll over the sanctions automatically in June is right, with the very clear warning that if things were to get much worse—if there were to be, for instance, a Russian-backed push for more territory—that could lead to higher sanctions.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

May I point the Prime Minister to the part of his statement on economic security, which was quite short? What does he say to those who criticise the G7 and say that we have never learned the lessons of the world economic meltdown in 2008 by putting together a policy, a set of regulations and a set of organisations that could prevent it from happening again?

[The Prime Minister]

The G20 has in many ways been the key organising body for driving changes to rules on bank regulation and capital requirements, for instance, and reform of global institutions. I think that helps, because of course banking problems and meltdowns can happen in developing countries as well as advanced countries. The strength of the G7 is that yes, of course, we discuss economic and trade issues, but we have very like-minded conversations about the big security challenges such as ISIL and Russia. Frankly, it was helpful that the conversation was at the G7, because it was that much more candid and frank.