Loans to Ireland Bill

As the Minister has said, this is important legislation. We have been happy to support the spirit of the propositions before us, and in the spirit of bipartisanship, the Government were able to concede a small but beautifully formed manuscript amendment. Although the Minister perhaps has some longer-term issues in the form of disagreements that are increasingly emerging between him and his Back Benchers, by and large, there was support across the House for the Bill. We have been clear that we will support the Government in providing help to Ireland. Ireland's stability does matter to us: it is in our national interest as a trading partner, because of Ireland's connections with our banks and its being our only land border. Events in Ireland remind us, though, of the inconvenient truths for the coalition in particular: first, that this was a global financial crisis; and secondly, that the banks, not Governments, were the root cause of the problem here. The problems in Ireland make clear how fragile the world recovery is and show how risky the Government's gamble with growth and jobs is. Relying on exports alone delivering them is a risky economic strategy. However, going forward, Europe needs to get ahead of this crisis and the bail-out does buy time, but it does not offer a fundamental solution to the fundamental problem. In Greece, we saw markets calm temporarily, but six months later the Irish problem came to a head. As part of the longer-term answers required, the Government have to realise that collective austerity across Europe offers countries with high debt burdens no way out. Although we of course support the Bill, we are therefore particularly anxious that the Chancellor of the Exchequer and the Prime Minister show greater leadership in tackling the root causes of the lack of confidence, and argue more fervently for a plan for growth and jobs across Europe and across the eurozone. We believe that that has to be the fundamental objective for the Government at this time; but we are of course happy to support Third Reading.