G8 and G20 Summits

Michael Connarty Excerpts

Monday 28th June 2010 Commons Chamber

[The Prime Minister]

My hon. Friend makes an extremely good point, and the concern that we should have about the economy is not the fiscal tightening that needs to happen, but to ensure that the banks are lending and that monetary policy is working effectively. Of course, monetary policy is not just interest rates—the price of money—but we also have to think about the quantity of money, which is bank lending. My right hon. Friend the Chancellor in the Budget made a number of improvements to the credit lending schemes. I think that we can look to see whether there is even more that should be done, but let me repeat that the key thing that we were trying to do at the G20 was not to enforce credit rules now that would restrict lending, but to put in place the measures for the long term that will stop the catastrophe that we suffered in 2008 and 2009. That is the key. In Europe, we are stress testing the banks to ensure that they have adequate capital. Again, that is important: we need to ensure the soundness of the banking system, because that is part of the key to recovery.

[Michael Connarty (Linlithgow and East Falkirk) (Lab)]

The Prime Minister mentioned that he had four useful bipartite meetings. Did he meet Juan Manuel Santos—the President-elect of Colombia—or did he indicate that he would meet him when he goes on tour? He is a gentleman who, as Defence Minister, dressed his troops as members of the International Committee of the Red Cross, carried out the extra-judicial murders of 2,000 innocent civilians and bombed Ecuador, where there is, I believe, a murder warrant out for him. Did the Prime Minister, or will he, raise those issues on behalf of concerned people in the UK who follow them very closely?

[The Prime Minister]

I did not meet the President-elect; I did meet the current President, President Uribe, who was at the G8 session on tackling corruption and the drugs trade, where there was a presentation from him and I had a conversation with him. I will take away the points that the hon. Gentleman makes and reflect on them when I have the conversation—I am sure that I will—with the President when he is not just the President-elect but the President.