G20

Kris Hopkins Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

I certainly agree with my hon. Friend’s last point. The point about the future of the euro is that we should take a very hard-headed, national-interest view. All the evidence is that a disorderly break-up of the euro would have very bad effects on all the economies within Europe, and bad effects on Britain. One can make longer-term arguments about what it might mean and how things might change but, in the short-term, there is no doubt that when we are trying to secure growth and jobs in this country a disorderly break-up of the eurozone would not be good for Britain.

[Kris Hopkins (Keighley) (Con)]

May I thank the Prime Minister for the thoughtful and constructive leadership that he offered at the G20? The debate has focused quite narrowly on Greece in recent weeks. What is his interpretation of the emerging situation in Italy?

[The Prime Minister]

We all have to be careful not to speculate on other countries, but the requirement of those who are lending money to Italy is a clear and consistent plan for Italy getting on top of its debts and deficit. When they see that, interest rates will come back down again. However, that is a lesson to any country that if they do not have credibility in the markets, their interest rates can go up quite quickly.