UK Development Bank

Patrick Grady Excerpts

Wednesday 20th June 2018 Commons Chamber

[Jeremy Lefroy]

The hon. Gentleman is right, although I am sure that many places will bid for it when it is established, as I hope it will be.

[Patrick Grady (Glasgow North) (SNP)]

I congratulate the hon. Gentleman on securing the debate. I work with him on the all-party parliamentary group on the World Bank and International Monetary Fund. Is he aware that in Scotland, Scottish Enterprise has established the Scottish Investment Bank to provide the kind of domestic support that he describes? Perhaps that could be expanded in a co-operative manner. Will he say a little more about his concept for a global international development bank to tackle global poverty? In particular, will he make it clear that the loans would be for projects and infrastructure, and that there would not be a return to the days of significant loans to Governments, which led to the debt crisis in the 1970s and 1980s? Does he agree that this would involve a different kind of financing?

[Jeremy Lefroy]

The hon. Gentleman is right to suggest that we do not want a return to the days when countries were burdened with unpayable debts that eventually had to be relieved, at great cost to the countries themselves and to taxpayers around the world. He rightly points out that there are such financial institutions around the United Kingdom. I was not aware of the Scottish Investment Bank, but it is great to hear about it. No doubt that model could be built on.