Written Answers — Treasury: Loans: Portugal

16/05/11

Written Answers — Treasury: Loans: Portugal

Jonathan Evans: To ask the Chancellor of the Exchequer what assessment he has made of the potential effects of the EU financial rescue package for Portugal on the (a) integrity of the eurozone and (b) UK economy.

Answering Department: Treasury
Member Answering Question: Hoban, Mark
Answer: A strong and stable euro area is in the UK national interest—more than 40% of the UK's exports are to the euro area. Further, we must also be alive to the risks that the current uncertainty poses, because of financial sector linkages, well beyond the euro area. Treasury officials closely monitor developments in Portugal and the rest of the euro area, as with all major economies, as part of the normal policy development process.