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Loans to Ireland Bill

Let me say on behalf of Her Majesty's Opposition that we welcome the debate, in which plenty of views have been expressed from different parts of the Chamber on what is an incredibly important matter. Many Members in all parts of the House—including my right hon. Friend the Member for Edinburgh South West (Mr Darling), the former Chancellor of the Exchequer, and the hon. Member for Chichester (Mr Tyrie), the Chairman of the Treasury Committee—have voiced, perfectly reasonably, their anxieties about the loan to Ireland. Clearly these are troubled times for the world economy and for the eurozone, and we must sincerely hope that we will not find ourselves here again. The Opposition recognise that there are interdependencies between Britain and the Irish nation in respect of economic trade, direct relationships between our banks and financial investments across Ireland. Moreover, it is our only land-bordered nation state. We therefore have a duty to support the principle and spirit of the legislation, because a failing Irish economy would create harm here in the United Kingdom.