Philip Hollobone
Main Page: Philip Hollobone (Conservative - Kettering)Department Debates - View all Philip Hollobone's debates with the HM Treasury
(13 years ago)
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Neil Carmichael
I can certainly understand my hon. Friend’s argument, but it is worth pointing out that devaluation is not a panacea and should not be used frequently.
Neil Carmichael
I will take one more intervention on devaluation, or this discussion will be devalued.
Mr Hollobone
This country has devalued on a trade-weighted basis by 25% since the peak in 2008. If we had not had that devaluation, this country would now be inflicting on itself a far harsher austerity package and unemployment would be far higher. Without the devaluation mechanism, countries face far starker choices.
Neil Carmichael
This Government’s real achievement is to address the deficit. They have set out a plan that is effective and encouraging markets to understand that we are taking the appropriate action. That is one of the benefits of being outside the euro, and we should focus more on that, rather than worrying about the benefits or otherwise of devaluation. I repeat for the last time that I do not think that devaluation is a panacea that we should be pursuing.