Economic Growth
Debate between George Osborne and Pete Wishart(11 years, 7 months ago)
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Mr Osborne
I will give way to the Scottish nationalists in a moment.
It was not this Chancellor but the German Chancellor who said the other day:
“If Europe today accounts for just over 7% of the world’s population, produces around 25% of global GDP and has to finance 50% of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life.”
That was the leader of Germany speaking. I believe that there are out there other people who also seek change, but above all, for the United Kingdom, because of the changes happening in the eurozone, we need a new settlement and I am confident that the Prime Minister will deliver it.
Pete Wishart
The Chancellor of the Exchequer and I know that the UK is halfway out of the European Union. Does he agree that the best way for the Scottish people to remain within the European Union is to vote yes in the referendum next year?
Mr Osborne
As our Scotland analysis papers show, Scotland would have to apply to join the European Union as it became a new state. I am glad the Scottish National party is taking part in this debate on economic policy. Perhaps we will get a clearer view from SNP Members, after the shambles of the past three weeks, of what their policy is on the currency that Scotland would use, should Scotland vote to leave the Union. We have not had a clear answer. Some members of the SNP have said that Scotland should have its own currency, others have said that Scotland should join the euro, and still others have said that they would negotiate a monetary union with all of us in order to keep the pound. There is complete confusion in the SNP ranks and until they have a clear answer to that, they will not be listened to on much else.
Economic Policy
Debate between George Osborne and Pete Wishart(11 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Osborne
We have further difficult decisions on spending to take this year to set the spending round for 2015-16. I know that my hon. Friend has always been consistent in supporting all the difficult spending decisions, so I look forward to that consistent support in the years ahead.
Pete Wishart (Perth and North Perthshire) (SNP)
Over the weekend, the Labour and Tory Better Together no campaign was giving out leaflets to the effect that an independent Scotland would never, ever secure the triple A rating of the UK, just as the UK was losing that triple A rating. Does the Chancellor agree that his nonsensical economic scaremongering about an independent Scotland has totally failed, and that his credibility and that of the no campaign is nothing other than a treble Z?
Mr Osborne
If the SNP is to persuade the Scottish people to vote for independence, it must address fundamental economic questions that it has been unable to answer about the currency it would use and the fiscal agreement it would seek should it want to use the pound with the rest of the United Kingdom. There are also fundamental questions about the financial services industry based in Scotland. I remind the hon. Gentleman that the Royal Bank of Scotland is headquartered in Scotland. The SNP is simply unable to answer those questions at the moment, and as a result I think people doubt the case it is making for independence.