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World Leaders Summit

My Lords, it is intriguing to students of political etymology to hear the interpretation of the noble Lord, Lord Strathclyde, of ““bipartisanship””, which the leader of the Conservative Party said would characterise his party's approach to the current global crisis. It was equally instructive to hear the noble Lord, Lord Baker—a veteran of Conservative Cabinets which included a Chancellor who said that higher unemployment was a price worth paying—give us the benefit of his concerns, rightly placed, at the prospect, indeed the reality, of rising unemployment. Is it not encouraging to every family in business that the words and purposes characterising the conclusions of the G20 meeting in Washington were that fiscal stimulus to combat recession should be big, rapid, co-ordinated and co-operative, and supported by buttressing reforms to be fulfilled by next March? Is it not fortunate that the declaration that fast, stimulative fiscal action would bring the collapse of the pound was widely seen to be the desperate, irresponsible exhibitionism which, in truth, it was, derided by mature business and market opinion? Finally, is it not commendable that the energetic and intelligent leadership given by the British Prime Minister and Chancellor of the Exchequer is resulting in combined global efforts which have both the realism and the radicalism that current crisis conditions make vital?