David Nuttall
Main Page: David Nuttall (Conservative - Bury North)Department Debates - View all David Nuttall's debates with the HM Treasury
(11 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Clark
I agree that this is a warning and that it is necessary to have more robust financial arrangements in place to prevent this sort of crisis from happening in other countries. However, I reinforce the advice of the ECB that this problem is unique to Cyprus, which is particularly exposed and is in a state of particular indebtedness.
Mr David Nuttall (Bury North) (Con)
Does the Minister agree that what we are witnessing in Cyprus is yet further evidence of the disastrous consequences of what happens when a country loses control of its economy by giving up its own currency?
Greg Clark
It is perfectly clear that the problems in Cyprus are related to its membership of the euro. Thankfully, we are not part of the euro, we do not have those problems and we have control of our own arrangements in this country—and long may that continue.