Eurozone Debate

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Department: HM Treasury

Eurozone

Charlie Elphicke Excerpts
Monday 10th October 2011

(13 years ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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We should certainly listen to the sage words of the former Labour Trade Minister.

Charlie Elphicke Portrait Charlie Elphicke (Dover) (Con)
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Deficit reduction has kept us ahead of the curve, so our triple A rating has been maintained and interest rates are lower than they otherwise would be. Is it the same with quantitative easing, that it will keep us ahead of the curve if the eurozone does not make the right decisions in the next three or four weeks?

George Osborne Portrait Mr Osborne
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As I said, it was an independent decision of the Bank of England. In the explanation that the Governor gave of why the Bank took the decision, he explicitly referred to the situation regarding the euro. I agree with that decision. Work done by the Bank of England suggests that the method can work.