Speaking in an Adjournment debate on British exports, Iain Duncan Smith highlights problems created by the Euro and that a proportion of Germany's success has been achieved at the expense of exporters such as Italy.
There are two elements to point out about that previous intervention. First, Germany has done significantly well, but a huge amount of that has been because its currency level at the moment is far lower than it would have been had it not been in the euro. Secondly, that has caused extraordinary damage to countries that were massive exporters, such as Italy and others, which are now literally finding themselves impoverished by the fact that so much of the Germans’ production is now dumped into their countries, at their expense. So we have to be careful when we recognise what Germany has achieved. There is much it has achieved. We need to recognise that we have to invest more and make sure we are more productive. There are plenty of ways to do that. We need to be careful when we extol the virtues of what has been going on in Europe.
I thank my right hon. Friend for his strong contribution. He is second to none in his commitment and passion for this, and I thank him for all the work he has done for decades.
My hon. Friend mentioned soft drinks. Given that the Scottish nationalists are on the Benches opposite, will she also recognise that Scotch whisky is exported to places such as India that charge huge tariffs on it? One great benefit for that soft drink would be that it could be exported much more, and many of us who enjoy that soft drink occasionally in the evening would see that we had done a huge amount of good for businesses, even in Scotland.
As somebody who gets tipsy on one glass of wine, I will leave the whisky drinking to my right hon. Friend and my husband.