G8 and NATO Summits

Robin Walker Excerpts

Wednesday 23rd May 2012 Commons Chamber

[The Prime Minister]

Obviously, we are not a participant in the eurozone bail-out of Greece. We are supporting Greece through the IMF, however. The hon. Gentleman must consider this point: other European and eurozone countries, some of which are not particularly rich themselves, have had a series of agreements with Greece about what needs to be done and what money will be put in, and effectively he is asking them to go back repeatedly to their own Parliaments and say, “Well, I promised I wouldn’t ask for any more for Greece, but here I am again asking for more.” That is very challenging for them. As I have said, in the end it will be for the Greek people to decide, in their election, whether they want to stay in the euro and keep to the undertakings they have given, or whether they want to choose a different path. We in this country must be clear that we should support all and any contingency plans to make sure that either scenario can be safely delivered.

[Mr Robin Walker (Worcester) (Con)]

The Prime Minister cited in his statement the extraordinary statistic that the EU and the US together make up more than half the world’s gross domestic product. Does he accept that this may well be the last generation for whom that is the case, and that it is therefore more vital than ever that we reach out further and faster into developing markets to support our exporters and build on our strengths as a country?

[The Prime Minister]

My hon. Friend is right that the share of world trade and the share of the world economy taken by the EU and America together is likely to decline as that of China and India rise, but I was always taught in business that going back to one’s best and biggest customer to get that extra deal is often a very good strategy, so we should be thinking exactly about that in terms of EU-US trade.