Financial Crisis

Part of the debate – in the House of Commons at 4:22 pm on 20th January 2009.

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Photo of Michael Connarty Michael Connarty Chair, European Scrutiny Committee 4:22 pm, 20th January 2009

I am very conscious of that. I have a fairly good degree in economics and I am conscious that that will be a problem for those who pay in sterling and have commitments that they cannot escape because the value of sterling has fallen. We are in that market situation because of the major trauma throughout the system. I believe that it could have been avoided if we had not been so growth conscious, growth hungry and, frankly, greedy. I say "greedy" because, in many respects, we pursued the same philosophy as the previous Conservative Government—that was the problem. We told people that they could have everything, that they did not need to worry about the future and that they could just borrow and buy. Now it is coming home to roost. It frightens people and may destroy lives for a long time. I am not happy about that. I have a much more rational and probably less profligate view of the way the economy should grow than that which has been pursued for the past 25 years. My constituents regret what may come down the line in the next year. However, we are considering an international economic framework and financial plan, which has increasing flexibility.

There may be more flexibility and more debate with our Government about the detail, but the House should endorse the Government's actions in supporting the framework and the plan, and I hope that hon. Members will vote for it if it is pushed to a Division later.

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