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Part of the debate – in the House of Commons at 12:50 pm on 12th March 2020.

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Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer 12:50 pm, 12th March 2020

That is an extremely valid point. The co-ordination between the Bank of England and the Treasury is an example of what could be followed elsewhere, and it is being followed in some areas. However, the issue for me is that we can develop a United Kingdom strategy or an individual country strategy, but we are dealing with a virus that respects no borders. It is a global contagion now—a pandemic—so there needs to be international co-operation. What demonstrated the lack of international co-operation was the Fed cutting rates one week and the Bank of England cutting rates the following week, and the Fed cut had no impact whatsoever.