G20

David Ruffley Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

There were concerns expressed, and they are frequently expressed, about the role of the ratings agencies and the way they are regulated. Sometimes, they come from politicians who have had a particularly rough time with the ratings agencies, but it is very important that we use organisations such as the Financial Stability Board to make sure that we get the answers right, rather than do it according to political fiat.

[Mr David Ruffley (Bury St Edmunds) (Con)]

We must have contingency plans if the eurozone breaks up. Does the Prime Minister agree that Parliament must be given a very early opportunity to scrutinise the adequacy of those contingency plans?

[The Prime Minister]

My hon. Friend makes an important point, but that is quite a difficult ask, because there is of course important ongoing work on contingency plans, but the more we discuss and speculate on the nature of another country’s currency and economy, the more we could damage their interests. So, I will think carefully about what he says, but it might be difficult to air some of those issues in public.