Economy

Lord Ryder of Wensum Excerpts

Monday 7th June 2010 Lords Chamber

[Lord De Mauley]

My Lords, the noble Lord, Lord Myners, has put his finger on a very important point. He is right to point out that it is important that the banking sector does not contract. We need to rebalance by bringing up manufacturing and other sectors.

[Lord Ryder of Wensum]

My Lords, further to the question posed by the noble Lord, Lord Kinnock, will my noble friend please clarify whether Portugal, Spain, France, Germany, Italy and Ireland have already announced or undertaken public expenditure reductions on a greater scale than we have here in the United Kingdom in order to address the public and the private sectors and to reduce our massive deficit?

[Lord De Mauley]

My noble friend is, of course, absolutely right.