G7

Edward Argar Excerpts

Wednesday 10th June 2015 Commons Chamber

[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.

[Edward Argar (Charnwood) (Con)]

The hard work of the British people, including my constituents in Charnwood, combined with our long-term economic plan have ensured that our economy in the UK is growing, but external economic risks remain. Will my right hon. Friend enlarge on what discussions he had on those wider external risks and how to mitigate them?

[The Prime Minister]

There are a number of risks, including the potential slow-down of the Chinese economy, which was obviously discussed. There were a number of discussions at the margins of the G7, and some round the table as well, about the threat to the stability of the eurozone of the very unstable situation in Greece, which is of interest to all the members of the G7. We are approaching some pretty crucial days where agreement needs to be reached in order to maintain the stability of a bunch of economies that are very big trading partners for Britain.