Government has to be honest on the EU economy, says Lord McFall

John McFall, Lord McFall of Alcluith, speaks in the House of Lords Chamber

Speaking in the House of Lords, Lord McFall has called for more honesty from the Government over the economic and financial situation in Europe.

Lord McFall, the former Chairman of the House of Commons Treasury Committee, said in his speech that the Government should be more honest on why the UK needs to step in and help the Eurozone economy.

He said,

“…our own Government have to be honest. The Prime Minister has said that he is not going to contribute to a eurozone bailout, and the Chancellor has said that he is not going to contribute to an IMF bailout if it is to be used for Europe. Given that £130 billion of exports are made to Europe every year, that is a false choice and the sooner the Government are honest with the people and say, “We support the IMF because it is in the interests of the larger global community”, the better.”

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Lord McFall, whose title ‘Lord McFall of Alcluith’ refers to his hometown of Dumbarton, also referred to the growth and jobs crisis affecting the UK. He called for a national investment bank to invest in major infrastructure projects and other non-bank sources of capital for business to boost growth in manufacturing and other areas.

Lord McFall went on to draw attention to the serious jobs crisis affecting young people, and called for them to be “factored in” to a jobs and growth strategy.

He said,

“There are 991,000 unemployed 16 to 24 year-olds. I know from when I was a school teacher in Glasgow what the decimation was like in society when jobs were not available for young people. It is very important that we take on that issue. (…)

If we give out the message that society has given up on young people, young people will certainly give up on us. It is an overwhelming economic need, as well as a humanitarian need, for society to treasure young people.

Let us show that today, with increased urgency, by factoring young people into our economic stability and growth agenda.”

Read Lord McFall’s full speech here.

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