---

The Economy

Thank you, Madam Deputy Speaker. I have to tell the House that there will be no single quick fix for the problems that we face. Japan’s manufacturing output has fallen by 40 per cent. in three months, and countries across the world are being hit in a very substantial way by the global credit crunch. Only by taking major action on a series of different fronts will we be able to support our economy through these difficult times. That does not simply mean taking action on the banking system and credit, hugely important though that is. It also means that we have to take action through monetary policy and the Bank of England’s ability to bring down interest rates—