Topical question asked in the House of Commons, by Hugh Bayley (Labour). It was answered on Thursday, 12 February 2009 on behalf of the Treasury.

Topical Questions

Question: This downturn affects the whole world, and does not that underline the importance of working with our partners in the European Union and other countries to stimulate demand? What action is being taken by EU members and other countries to address these pressing needs?

Answer: My hon. Friend is right. The co-ordinated European recovery plan, which was agreed by Finance Ministers and leaders in the EU, includes a fiscal stimulus of a similar size to the one that we pioneered in this country. Germany may have had a few words to say, but it has introduced the largest fiscal stimulus since the second world war, at €82 billion. The French have a €26 billion fiscal stimulus and the Spanish a €25 billion one. Even the Canadians, who used to be on the side of the do nothing party, have announced a $32 billion fiscal stimulus. Everyone is doing it but the Tories.

Secondary information

Type: Oral question
Reference: 487 c1510;487 c1508
Session: 2008-09
Oral question type: Supplementary
Chamber / Committee: House of Commons chamber
Subjects: Economic situation EU action EU economic policy Banks Finance Crosby, James
Link: View this Topical question on www.publications.parliament.uk