Oral Answers to Questions

Lord Cryer Excerpts

Tuesday 21st December 2010 Commons Chamber

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

My hon. Friend is right to highlight this issue. We announced that £900 million would be spent over the spending review period on reducing the tax gap, and that will begin in 2011. Earlier this month, we announced plans to tackle tax avoidance with several detailed proposals on issues that had been left for many years. We have taken a firm line on those and we hope that that will raise considerable revenue from people who should be paying more in tax.

[John Cryer (Leyton and Wanstead) (Lab)]

T5. Will the Chancellor tell the House whether the Treasury has made any plans for the possible collapse of the euro?

[Mr Osborne]

We monitor the European situation closely. I do not think that a collapse of the euro is remotely on the cards, but obviously stability in the eurozone is in our interests. We want to see a comprehensive solution early in the new year to some of the fundamental issues on having a currency union while not having a fiscal or political union, and we know that eurozone member states are working on those. It is also up to individual member states to do what they can to put their own economic house in order, and we would urge them to do that as well.