Oral Answers to Questions

Debate between Mark Hoban and Julian Brazier

Monday 20th May 2013 Commons Chamber

[Mr Julian Brazier (Canterbury) (Con)]

Does my hon. Friend agree that, as well as providing opportunities to get into self-employment, the small businesses generated are potential generators of many jobs? Has he seen the academic work showing that in business cycle after business cycle, small businesses created during a recession have a much higher chance of survival than those created at other points in the cycle?

[Mr Hoban]

That is a very good point. When I have visited jobcentres, I have seen examples of people who have created employment opportunities for themselves and others as a consequence of setting up their own business. That is a testament to the strength and resilience of the sector.

Eurozone Crisis

Debate between Mark Hoban and Julian Brazier

Thursday 3rd November 2011 Commons Chamber

[Mr Hoban]

The money that nations contribute to the IMF goes into its general resources. I believe that there are currently 53 IMF programmes, only three of which are in the eurozone. We have made clear that if the IMF needs to increase its resources to tackle some of the global issues that face economies at present, we will listen to its requests.

[Mr Julian Brazier (Canterbury) (Con)]

While I strongly support my hon. Friend’s tough domestic stance on fiscal matters, may I suggest that, in view of the borrowing problems in Italy, the 20% fall in the monetary base in Portugal and similar problems in Spain, there is a strong case for moving the Cannes conference to the gardens of Versailles?

[Mr Hoban]

My hon. Friend’s question highlights some of the challenges that are being faced in the eurozone. Wherever the summit is being held—in Cannes or in Versailles—what is important is action arising from it that will put eurozone economies back on the right path.

Eurozone (Contingency Plans)

Debate between Mark Hoban and Julian Brazier

Monday 20th June 2011 Commons Chamber

[Mr Hoban]

The hon. Gentleman makes an important point. In the event of a default, there would be consequences for the strength of bank balance sheets across Europe. That is why we are going through a stress-testing process across Europe at the moment to determine the consequences of various scenarios on the strength of bank balance sheets. UK banks have strengthened their balance sheets significantly and they hold high levels of capital. That will give them some insulation against the impact of a default.

[Mr Julian Brazier (Canterbury) (Con)]

I welcome my hon. Friend’s commitments on the non-IMF involvement of British funds in another bail-out for Greece. Does he accept that a country running a large balance of payments deficit can pay off foreign debts only if it is able to reverse that balance, and that to do that, it has to devalue? The man from Brussels cannot make water run uphill.

[Mr Hoban]

My hon. Friend has pointed to one way in which a country can regain competitiveness—through devaluation. There are other ways, including reducing labour costs and increasing productivity, and all those actions should be taken to ensure that the Greek economy and those elsewhere in the eurozone reach a much stronger position.