Amendment of the Law

Part of the debate – in the House of Commons at 4:37 pm on 23 March 2011.

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Photo of Jo Johnson Jo Johnson Conservative, Orpington 4:37, 23 March 2011

Markets can turn on a dime if they detect backsliding. Recovering lost confidence would require much bigger cuts to public spending than the credible ones that the Government have outlined. Evidence for that is in abundant supply in countries on the periphery of the eurozone. Despite the agreement on the post-2013 European stability mechanism, concerns about the underlying solvency of the most vulnerable countries—Portugal, Ireland and Greece—are growing.