Gregg McClymont
Main Page: Gregg McClymont (Labour - Cumbernauld, Kilsyth and Kirkintilloch East)Department Debates - View all Gregg McClymont's debates with the HM Treasury
Finance Ministers’ Meeting (Ireland)
Gregg McClymont Excerpts(14 years, 1 month ago)
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Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)
The Government spent six months telling us that Britain was very much like Ireland and had a similar sovereign debt crisis. Now we hear that we are in a very different position because we are not in the euro and we have other economic tools. Which is right?
Mr Hoban
We have taken action in the UK to tackle our fiscal position to avoid a sovereign debt crisis. [Interruption.] Opposition Members need to recognise that the problems facing Ireland stem from a banking crisis—the banking sector was poorly regulated. We are learning lessons from that in the UK, but it is very clear that because we are outside the euro we have the flexibility to engage in economic policy by setting interest rates that meet our economic needs, and we have the flexibility that our exchange rate brings in stimulating exports. We are in a much better position as a consequence of being outside the euro.