THE crisis in the Ukraine shows that Europe’s economy is still vulnerable to external shocks, according to Nicky Morgan, the new Financial Secretary to the Treasury.
Ms Morgan was promoted last week in a reshuffle that followed the resignation of Culture Secretary Maria Miller following a row over expenses.
During her first trip to Yorkshire in her new role, Ms Morgan vowed to carry on Mrs Miller’s work to encourage more women to go into business.
Mrs Miller’s role as Minister for Women has also been taken on by Ms Morgan.
Speaking at the Met Club Leeds lunch at Malmaison in Leeds yesterday Ms Morgan said: “There are always going to be economic cycles...We can see people like the IMF making really good growth predictions for the UK economy, but that doesn’t mean that the job is done..
“You never quite know how that downturn is going to be shaped. We know that the economic cycle is there and we have to build a resilient economy so that the next time there is a problem, we are in a much better shape in order to face it.
Just this morning, we see that the Ukraine is potentially back (to being) unstable. We don’t know what is going to happen there. Clearly, it has implications for the energy needs of other of our European allies.”