HL Deb 22 January 1998 vol 584 c258WA
Lord Rea

asked Her Majesty's Government:

What are the likely effects on the economy that will arise from the financial crisis in the Far East; and what steps they have in mind to mitigate these effects. particularly on employment, either separately or jointly within the European Union. [HL116]

Lord McIntosh of Haringey

Financial difficulties to date in Asia are not expected to have a major direct impact on the UK economy, but the situation is still evolving and is being kept under close scrutiny. The Monetary Policy Committee of the Bank of England will continue to take account of developments in setting interest rates. The UK is playing an important role in helping resolve Asia's financial problems, co-operating closely with Asian countries and fully supporting the IMF in seeking to restore confidence in the region.