Oral Answers to Questions

Debate between John Howell and Michael Moore

Wednesday 16th June 2010 Commons Chamber

[Michael Moore]

The hon. Lady makes an important point. We must not lose sight of the fact that the deficit left behind by the previous Government was £155,000 million. We have to establish our credibility not just with the people of Britain, but with the international financial markets. If we do not, we will see higher interest charges that will bear down on the level of public services that we can afford and affect the pockets of everyone in Scotland, both businesses and individuals. We have to tackle that urgently, and I am determined that we will do so.

[John Howell]

I am sure the Secretary of State would agree that the crisis in the financial sector was especially detrimental to the economic stability of Scotland. Will he now confirm that the Scotland Office will no longer issue press releases saying that it is taking advice from Sir Fred Goodwin, and will take advice from a more representative group of Scottish financiers?

[Michael Moore]

The hon. Gentleman is correct to highlight the important place that financial institutions play in the Scottish and United Kingdom economy. I assure him that I will be taking as broad a range of advice on these subjects as necessary. Indeed, I am already making early contact with some of the largest financial institutions in the country, including RBS and HBOS.