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

My hon. Friend is absolutely right. It was clear in the reaction to last week’s statement by the shadow Chancellor that everyone thought his plan lacked sense and would have undermined the recovery in this country by putting interest rates at risk and forcing up the interest costs of businesses and families. We have taken the tough decisions to get the economy right; the markets have demonstrated through the rates at which firms and businesses can borrow that they have confidence in our plans.