Eurozone (Contingency Plans)

Part of Oral Answers to Questions — Communities and Local Government – in the House of Commons at 3:32 pm on 20th June 2011.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 3:32 pm, 20th June 2011

I do not think anyone is in a position to accuse this Government of being complacent. We are the Government who have taken action to tackle the fiscal deficit that we inherited from the Labour party. That has enabled the spreads between UK gilts and German bunds to narrow, reflecting market confidence in the measures that we are taking to sort out the problems in the British economy. The Labour party is failing to take its responsibilities seriously or to acknowledge the mistakes that it made when it was in government. It also fails to recognise the strength of support for the actions that this Government have taken to resolve the economic crisis in this country. Had we not taken that action, we might well have been in the firing line with Greece.