Export Credit Guarantee Underwrites Risk In Iraq - Bruce

12.00.00am UTC (GMT +0000) Fri 5th Dec 2003

Malcolm Bruce MP, Liberal Democrat Shadow DTI Spokesman

Commenting on the announcement today that the ECGD is to provide cover for up to £60m on exports aiding reconstruction in Iraq, Malcolm Bruce MP, Liberal Democrat Shadow DTI Spokesman said: "This raises the astonishing anomaly of the British taxpayer underwriting payment risks to a country that is under the joint administration of Britain and the United States."

"There is no reason why British companies should not be aiding reconstruction, but the question is why the ECGD should be further extended to support this when the British Government has such a role in running the country."

"It demonstrates the scale of the security problem in Iraq that the country can only receive reconstruction business from UK companies from a new account opened at further charge on the British taxpayer."

"Iraq is clearly not a land of opportunity but a land of risk."