Glyn Davies
Main Page: Glyn Davies (Conservative - Montgomeryshire)Department Debates - View all Glyn Davies's debates with the HM Treasury
(14 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
If the hon. Lady looks around the western economies, she will see that countries with large budget deficits—we have the largest—are moving to take further steps to show how they are reducing them. I cannot see around the international scene a single group of people other than the Opposition who actually believe that the UK should be loosening the fiscal position from what we have set out. That really is completely incredible and carries absolutely no conviction in any other part of the world. As part of the Labour party’s re-evaluation of its entire economic policy, I suggest that it start with that.
Glyn Davies (Montgomeryshire) (Con)
I would like to ask a question from a Welsh perspective. We all understand the impact of a strong economy in Ireland on Northern Ireland, but does the Chancellor recognise that a strong Irish economy is also particularly important to Wales?
Mr Osborne
Yes, I do. Ireland’s links are not just with Northern Ireland, they are also with Wales, Scotland and England. The Irish banks were of course engaged in lending into the UK economy, UK banks have engaged in lending into the Irish economy, and many companies export to each other’s countries. We are deeply interconnected, which is why I have proposed this set of measures.