Lords debate looks at the impact of Eurozone crisis on the UK’s economy

02 December 2011

Former Chancellors of the Exchequer, Treasury Ministers and lecturers in economics were among the Members of the Lords that took part in a debate on the impact of the Eurozone crisis on the UK’s economy yesterday afternoon (Thursday 1 December).

Lord Lamont of Lerwick (Conservative), Chancellor of the Exchequer (1990-93) tabled and opened the debate. He said:

‘I entirely accept that, in the eurozone, the departure of one or several members would be highly complex and could be extremely expensive. However, while we hear a lot about the costs of breaking up or altering the shape of the euro, the costs of the euro remaining as it is are becoming astronomical and potentially disastrous.’

Baroness Valentine (Crossbench), chief executive of London First, a business membership organisation said:

‘As Europe is stagnating, so it is imperative that we raise our game in trading terms with the rest of the world. International businesses must see London as a strong and competitive place to do business, and that relies both on their perception of current policy and on their confidence in the Government's future plans. Above all, the UK must be-and be seen to be-open for business.’

Members of the Lords that took part

Other Members speaking included:

Lord Monks (Labour), TUC General Secretary 1993-2003; Lord Wolfson of Aspley Guise (Conservative), chief executive of the clothing retailer Next; and Lord Alerdice (Liberal Democrat) also took part in the debate.

Lord Sassoon (Conservative)  responded on behalf of the Government.

Further information

Members of the public can attend House of Lords debates.

Image: iStockphoto

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