Eurozone Financial Crisis

Treasury written question – answered on 26th June 2012.

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Photo of David Rutley David Rutley Conservative, Macclesfield

To ask the Chancellor of the Exchequer what steps the Government are taking to limit the effect on the UK of the financial crisis in the eurozone.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

This Government have taken decisive action to cut the deficit and stimulate growth, helping insulate the UK from the worst of the euro crisis. It is because of that action that we have secured near record low bond yields to the benefit of businesses and families across the UK. We have also ensured that all UK banks have built their capital buffers in recent years, with the largest UK banks reporting a core tier 1 ratio of 10% or above. Furthermore we have also recently announced two new schemes worth tens of billions of pounds to boost lending during this period of uncertainty.

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